VENEZUELA: Chavez Threatens More Bank Seizures; Bolivar Plummets 9%.

BLOOMBERG/
The Bolivar and bonds tumbled as President Hugo Chavez threatened to seize more banks.That prompted investors to pull their money from the financial system and move it overseas. The bolivar plunged 9% to 6.30 per$USD in the unregulated black market. Chavez said yesterday that he has another group of banks on his “radar.” He vowed to nationalize the private banking industry if lenders don’t follow Venezuelan law. “We should take his statements at face value,” said Goldman Sachs' Alberto Ramos. “It’s one of the key sectors of the economy that the government hasn’t yet taken substantial control of.”