International Business
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Venezuela Financial Crisis Brings New Takeover: The country’s longstanding money woes claimed a new victim with the state takeover of one of the nation’s largest banking and insurance groups. Authorities had attempted in August to strengthen and pump fresh capital into Grupo Latinoamericana Progreso, which controls 15 companies in Venezuela and others in Colombia, Panama, the Dominican Republic and Puerto Rico. But that plan failed, and they took possession of the consortium early Wednesday for the nominal payment of one Venezuelan bolivar, less than one cent.
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