Tag: Venezuela

Democracy from the bottom is evolving as a 10-year social revolution in Venezuela. Led by President Hugo Chavez, the United Socialist Party of Venezuela (PSUV) gained over 1.5 million voters in the most recent elections Nov. 23.

The Cindy Sheehan campaign to replace Nancy Pelosi in Congress is offering a new vision for San Francisco and the nation. Cindy believes in peace, accountability, freedom and well being for all. She believes that war should be a last resort for defense and not the handy policy tool that it is currently being used as. She believes that healthcare is a basic right in a democratic society and should not be based on ability to pay.

Banco de Venezuela is one of the most important banks in Venezuela, with a 12 percent share of the market in loans and obtained profits of US$170 million in the first half of 2008, a 29 percent increase on 2007, when its profits had already increased by 20 percent. It has 285 offices and 3 million customers. Banco de Venezuela was nationalized in 1994 after a massive banking crisis which bankrupted 60 percent of the banking sector, only to be privatized in 1996 and bought by the Spanish multinational banking group Grupo Santander for only US$300 million. In only nine months Grupo Santander recovered its original investment.