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Venezuela to Rescue Struggling Bank: The government...

From Times Staff and Wire Reports

Venezuela to Rescue Struggling Bank: The government announced a $294-million rescue package for Banco de Venezuela, the nation’s second-largest bank, which the government seized Monday. The struggling institution is the 10th bank that officials have taken over since January in a liquidity crisis that has dogged President Rafael Caldera’s 6-month-old government and exacerbated Venezuela’s already-severe recession. The government also announced at least $253 million in emergency loans to four other banks with liquidity or solvency problems.


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