Chavez threatens to nationalize Venezuelan banks

Venezuelan President Hugo Chavez said on Sunday he could nationalize private banks for refusing to lend to the poor and for failing to sufficiently aid in the country's development. In his weekly television show, Chavez said the purpose of banks was not to enrich a small group of people but to help the development of the country, including extending housing credits. Addressing himself to "all the country's private banks," he rhetorically asked: "You want me to nationalize the banks?" "I have no problem with that because the banks don't want to extend credit to the poor, they don't comply, they don't want to comply with the bank's purpose for existence." Speaking during his weekly TV show "Alo Presidente," he added: "I'm telling the country's private bankers, 'he who slips up loses, I'll take over the bank, whatever its size."