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Venezuelan Banking Crisis Of 1994
The 1994 banking crisis occurred in Venezuela when a number of the banks of Venezuela were taken over by the government. The first to fail, in January 1994, was Banco Latino, the country's second-largest bank ($1.3 billion bailout). Later, two banks accounting for 18% of total deposits ( Banco Consolidado and Banco de Venezuela) also failed. The crisis led the President Rafael Caldera to suspend constitutional rights in order to impose price controls, exposure of deep corruption in the Venezuelan banking system, and the resignation of Finance Minister Julio Sosa Rodriguez. History The Venezuelan government spent $5 billion from January to June 1994 to try to rescue 8 banks, which were all declared bankrupt in June 1994. State officials suggested that most of the public funds for recovery had been stolen by bankers fleeing the country's crisis. At this point, reserves at the Central Bank dropped from $12 billion to $8 billion. On 9 August 1994, Banco de Venezuela became the ten ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Venezuela
Venezuela, officially the Bolivarian Republic of Venezuela, is a country on the northern coast of South America, consisting of a continental landmass and many Federal Dependencies of Venezuela, islands and islets in the Caribbean Sea. It comprises an area of , and its population was estimated at 29 million in 2022. The capital and largest urban agglomeration is the city of Caracas. The continental territory is bordered on the north by the Caribbean Sea and the Atlantic Ocean, on the west by Colombia, Brazil on the south, Trinidad and Tobago to the north-east and on the east by Guyana. Venezuela is a presidential republic consisting of States of Venezuela, 23 states, the Venezuelan Capital District, Capital District and Federal Dependencies of Venezuela, federal dependencies covering Venezuela's offshore islands. Venezuela is among the most urbanized countries in Latin America; the vast majority of Venezuelans live in the cities of the north and in the capital. The territory o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banco Latino
Banco Latino was a Venezuelan bank based in Caracas, and at the time of its 1994 failure was the country's second largest.''The New York Times'', 16 May 1994Failure of High-Flying Banks Shakes Venezuelan Economy/ref> It had a good relationship with the government, such that ministries moved their accounts to the bank, and the army and the state-owned oil company PDVSA entrusted their pension funds to Latino trust managers. Latino built a new high-rise headquarters, and expanded aggressively, both within Venezuela and overseas. History Banco Latino was a Venezuelan bank founded as "BANCO FRANCES E ITALIANO PARA LA AMERICA DEL SUR" ( ''Banque Francaise-Italienne pour Amerique du Sud'') on February 17, 1950 with venezuelan headquarters in Caracas. Since 1967 adopted the name Banco Latinoamericano de Venezuela and finally was named BANCO LATINO on February 7, 1975. It was closed in 1994 after falling into a huge crisis and liquidated in mid-2000. Its first Board was chaired by Dr. R ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banco Consolidado
Banco may refer to: Places * Banc (Barcelona Metro), also called Banco, a closed metro stop on the Barcelona metro * Banco, Virginia, an unincorporated community * Banco, West Virginia, an unincorporated community * Banco National Park, a national park in Côte d'Ivoire Arts and architecture * ''Banco'' (Banco del Mutuo Soccorso album), 1975 album by Italian progressive rock band Banco del Mutuo Soccorso * ''Banco'' (Sir Michael Rocks album), 2014 album by American rapper Sir Michael Rocks * ''Banco'' (novel), 1972 autobiography by Henri Charrière * Banco architecture, a West African type of mudbrick, and the architecture made with it * Banco (building material); fermented mud; made by fermenting mud with rice husks * Banco (typeface), a decorative typeface * Banco, an alternate Spanish spelling of bangka (boat) of the Philippines * Banco, another name for the parlor game Bunco * Banco, part of the ''nomenclature'' of the game known commonly as Baccarat Baccarat or baccara ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banco De Venezuela
Banco de Venezuela (abbreviated: BDV) is an international universal bank based in Caracas. It was the market leader in Venezuela until 2007, when it fell to third place, with an 11.3% market share for deposits; its major competitors are Banesco, Banco Mercantil and BBVA Banco Provincial. As of June 2008, it had 285 branches in Venezuela. History The bank was founded in 1883 as ''Banco Comercial'', which on 2 September 1890 changed its name to Banco de Venezuela. It was initially a loan and taxation financial institution for the Venezuelan government. In 1920, it had already established 10 branches in the country, and due to the lack of a central bank, the Banco de Venezuela became one of the six financial institutions with the right to issue banknotes, until the creation of the Banco Central de Venezuela in 1940. In 1976, BDV inaugurated its hundredth branch nationwide. In 1978 the bank introduced 24-hour customer service, credit cards and new point of sales terminals. T ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New York Times
''The New York Times'' (''NYT'') is an American daily newspaper based in New York City. ''The New York Times'' covers domestic, national, and international news, and publishes opinion pieces, investigative reports, and reviews. As one of the longest-running newspapers in the United States, the ''Times'' serves as one of the country's Newspaper of record, newspapers of record. , ''The New York Times'' had 9.13 million total and 8.83 million online subscribers, both by significant margins the List of newspapers in the United States, highest numbers for any newspaper in the United States; the total also included 296,330 print subscribers, making the ''Times'' the second-largest newspaper by print circulation in the United States, following ''The Wall Street Journal'', also based in New York City. ''The New York Times'' is published by the New York Times Company; since 1896, the company has been chaired by the Ochs-Sulzberger family, whose current chairman and the paper's publ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Liberalization
Economic liberalization, or economic liberalisation, is the lessening of government regulations and restrictions in an economy in exchange for greater participation by private entities. In politics, the doctrine is associated with classical liberalism and neoliberalism. Liberalization in short is "the removal of controls" to encourage economic development. Many countries have pursued and followed the path of economic liberalization in the 1980s, 1990s and in the 21st century, with the stated goal of maintaining or increasing their competitiveness as business environments. Liberalization policies may or often include the partial or complete privatization of government institutions and state-owned assets, greater labour market flexibility, lower tax rates for businesses, less restrictions on both domestic and foreign capital, open markets, etc. In support of liberalization, former British prime minister Tony Blair wrote: "Success will go to those companies and countries which are ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Price Of Oil
The price of oil, or the oil price, generally refers to the spot price of a barrel () of benchmark crude oil—a reference price for buyers and sellers of crude oil such as West Texas Intermediate (WTI), Brent Crude, Dubai Crude, OPEC Reference Basket, Tapis crude, Bonny Light, Urals oil, Isthmus, and Western Canadian Select (WCS). Oil prices are determined by global supply and demand, rather than any country's domestic production level. Through the years The global price of crude oil was relatively consistent in the nineteenth century and early twentieth century. This changed in the 1970s, with a significant increase in the price of oil globally. There have been a number of structural drivers of global oil prices historically, including oil supply, demand, and storage shocks, and shocks to global economic growth affecting oil prices. Notable events driving significant price fluctuations include the 1973 OPEC oil embargo targeting nations that had supported I ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ruth De Krivoy
Ruth Osterreicher de Krivoy (born 2 July 1942) is a Venezuelan economist specialized on political, monetary and fiscal dynamics. During the early 1970s, she had been vice president of research at the Central Bank of Venezuela The Central Bank of Venezuela (, BCV) is the central bank of Venezuela. It is responsible for issuing and maintaining the value of the Venezuelan bolívar and is the governing agent of the Venezuelan Clearing House System (including an automate ..., where she played an active role in strengthening economic research as a major instrument of support for monetary policy. In 1992, two months after an attempted coup d'état by Hugo Chavez, she became president of the Central Bank of Venezuela. Her appointment seemed a natural choice, given both her extensive experience and her firm belief in Central Bank independence. She resigned in 1994, amid the Venezuelan banking crisis. De Krivoy wrote a book about the crisis, and has continued to voice concerns about th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Central Bank Of Venezuela
The Central Bank of Venezuela (, BCV) is the central bank of Venezuela. It is responsible for issuing and maintaining the value of the Venezuelan bolívar and is the governing agent of the Venezuelan Clearing House System (including an automated Clearing house (finance), clearing house). History Foundation and currency management Since its inception in the late 1930s, the BCV was given a clear mandate to control the monetary policy of the nation, centralizing the operations of a handful of private banks that used to mint the Venezuelan currency, the Venezuelan bolívar, bolívar. For almost 50 years the BCV managed to sustain a remarkable strong currency, with inflation rates hovering on the 2-3% mark during that period. 1980s oil glut However, since the oil glut of the 1980s and the first serious devaluation of the currency in 1983 (known in Venezuela as ''Viernes Negro'', or Black Friday) the bolívar has been plagued with chronic instability, mistrust and declining value t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Second Presidency Of Rafael Caldera
The second presidency of Rafael Caldera took place from 1994 to 1999. Caldera had previously been President from 1969 to 1974. Presidential campaign Andrés Caldera, the son of Rafael Caldera, served as the campaign's general secretary. Political strategist Juan José Rendón, who had previously advised Carlos Andrés Pérez in his campaign, also provided counsel to Rafael Caldera during his successful election bid. In 1996, Cuban banker Orlando Castro Llanes testified in a Florida (U.S.) court that he had financed Caldera's campaign with a check for 20 million bolívars during the election. Cabinet Domestic policy In his second presidency, Caldera included politicians from other political backgrounds who supported his candidacy in his cabinet, like some representatives of MAS party, Teodoro Petkoff at the Ministry of the Central Office of Coordination and Planning, and Pompeyo Márquez at the Border Ministry, as well as some independents in other ministries. In any case ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1994 In Venezuela
Events from the year 1994 in Venezuela Incumbents * President: Ramón José Velásquez (until 2 February), Rafael Caldera (starting 2 February) Governors * Amazonas: Edgar Sayago Murillo * Anzoátegui: Ovidio González then Dennis Balza Ron * Apure: Marcelo Oquendo Rojo * Aragua: Carlos Tablante * Barinas: Gehard Cartay * Bolívar: Andrés Velásquez * Carabobo: Henrique Salas Römer * Cojedes: José Felipe Machado * Delta Amacuro: Emeri Mata Millán then Armando Salazar * Falcón: Aldo Cermeño * Guárico: José A. Malavé Risso * Lara: José Mariano Navarro * Mérida: Jesús Rondón Nucete * Miranda: Arnaldo Arocha * Monagas: Guillermo Call * Nueva Esparta: Morel Rodríguez Ávila * Portuguesa: Elias D'Onghia Colaprico * Sucre: Ramón Martínez * Táchira: José Francisco Ron Sandoval * Trujillo: José Méndez Quijada * Yaracuy: Nelsón Suárez Montiel * Zulia: Lolita Aniyar de Castro Establishments * Construction of the Ba ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1994 In Economic History
The year 1994 was designated as the " International Year of the Family" and the "International Year of Sport and the Olympic Ideal" by the United Nations. In the Line Islands and Phoenix Islands of Kiribati, 1994 had only 364 days, omitting December 31. This was due to an adjustment of the International Date Line by the Kiribati government to bring all of its territories into the same calendar day. Events January * January 1 ** The North American Free Trade Agreement (NAFTA) is established. ** Beginning of the Zapatista uprising in Mexico. * January 8 – '' Soyuz TM-18'': Valeri Polyakov begins his 437.7-day orbit of the Earth, eventually setting the world record for days spent in orbit. * January 11 – The Irish government announces the end of a 15-year broadcasting ban on the Provisional Irish Republican Army and its political arm Sinn Féin. * January 14 – U.S. President Bill Clinton and Russian President Boris Yeltsin sign the Kremlin accords, which stop the pre ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
