Venezuela Threatens To Nationalize Spanish Banks If People's Party Wins In Madrid

Caracas, Venezuela (AHN) - Venezuelan President Hugo Chavez is threatening to nationalize all Spanish banks in the country if Spain's People's Party wins in upcoming March 2008 elections. Chavez's dislike for Spanish banks stems from his recent visit to Chile where Spanish King Juan Carlos told him to "shut up."

Chavez was berating former Spanish Prime Minister Jose Maria Aznar for backing a move to oust him from power in 2002 when King Carlos sharply told him to keep quiet. Incumbent Spanish Prime Minister Jose Luis Rodriguez Zapatero stepped in and asked the Venezuelan head of state to be more diplomatic.

President Chavez was quoted by the Venezuelan daily El Universal, "If the rightwing wins, then the Spanish should forget it and get out of here. We don't need Spain's investment."

"If the Spanish rightwing takes office, give me my bank compadre. [Banco de Venezuela President] Michel [Gouguikian], I know you are worried, pray to God Zapatero wins again," Chavez added.

Spain's Santander Bank owns Banco de Venezuela, while another Spanish bank, the Banco Provincial, has a 55 percent stake in the rival bank BBVA.