|
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. Later, two banks accounting for 18% of total deposits (Banco Consolidado and Banco de Venezuela) also failed. On 9 August 1994, Banco de Venezuela became the tenth bank bailed out by the Venezuelan government during the crisis, with the government taking a majority stake for an estimated at US$294m. In total, between January 1994 and August 1995 17 of the country's 49 commercial banks, as well as some subsidiaries, failed - representing 53% of the system assets. Estimates of the total cost of the bailout range from 18 to 31% of GDP; one estimate gives the total cost of the bank bailouts as 1.8 trillion Bolivars, or $12bn.Molano, 1997Financial reverberations: the Latin American banking system during the mid-1990s SBC Warburg Working Paper, Social Science Research Network (1997). ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Venezuela
Venezuela (; ), officially the Bolivarian Republic of Venezuela ( es, link=no, República Bolivariana de Venezuela), is a country on the northern coast of South America, consisting of a continental landmass and many islands and islets in the Caribbean Sea. It has a territorial extension 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. The Venezuelan government maintains a claim against Guyana to Guayana Esequiba. Venezuela is a federal presidential republic consisting of 23 states, the Capital District and 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 n ... [...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. Failed ventures in real estate and stock market investment saw it desperate to raise funds from depositors, and in 1993 it paid 105% interest on one-year certificates of deposit, more than double Venezuela's 1993 inflation rate of 46%. Between October 1993 and January 1994 it experienced a bank run, and was then taken over by the government; its operations were ultimately acquired by Interbank. Within weeks of the government takeover, arrest warrants had been ... [...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 * Banko, Guinea, a town and sub-prefecture in the Dabola Prefecture in the Faranah Region * Banko, Mali, a rural commune and village in the Cercle of Dioïla in the Koulikoro Region * Banko, a town in the Sekyere Kumawu district og Ghaba 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 d ... [...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. The b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New York Times
''The New York Times'' (''the Times'', ''NYT'', or the Gray Lady) is a daily newspaper based in New York City with a worldwide readership reported in 2020 to comprise a declining 840,000 paid print subscribers, and a growing 6 million paid digital media, digital subscribers. It also is a producer of popular podcasts such as ''The Daily (podcast), The Daily''. Founded in 1851 by Henry Jarvis Raymond and George Jones (publisher), George Jones, it was initially published by Raymond, Jones & Company. The ''Times'' has won List of Pulitzer Prizes awarded to The New York Times, 132 Pulitzer Prizes, the most of any newspaper, and has long been regarded as a national "newspaper of record". For print it is ranked List of newspapers by circulation, 18th in the world by circulation and List of newspapers in the United States, 3rd in the U.S. The paper is owned by the New York Times Company, which is Public company, publicly traded. It has been governed by the Sulzberger family since 189 ... [...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 ownership, 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 that: "Success will go to those companies and ... [...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. 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 Israel during the Yom Kippur War ... [...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, 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 the loss of political independence of the Central Bank's governors. In 1964 she obtained the title of economist at the Universidad Central de Venezuela The Central University of Venezuela (Spanish: ''Universidad Central de Venezuela''; UCV) is a publi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Central Bank Of Venezuela
The Central Bank of Venezuela ( es, Banco Central de Venezuela, BCV) is the central bank of Venezuela. It maintains a fixed exchange rate for the Venezuelan bolívar and since 1996 is the governing agent of the Venezuelan Clearing House System (including an automated clearing house). Actual laws By law, the Central Bank of Venezuela is autonomous to formulate and exercise policies in its field of competence and it performs its duties and functions in coordination with the general economic policy. The Constitution grants the central bank autonomy to outline and implement the policies. However, as of 2016, reforms deemed unconstitutional by some effectively nullified the BCV's independent status. The export, import or trade of Venezuelan or foreign currency are subject to the regulations established by the BCV, including the departure or arrival of coin and notes made by another countries by BCV's express order. Foreign reserves Since its inception in the late 1930s, the BCV w ... [...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 th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1994 In Economics
File:1994 Events Collage.png, From left, clockwise: The 1994 Winter Olympics are held in Lillehammer, Norway; The Kaiser Permanente building after the 1994 Northridge earthquake; A model of the MS Estonia, which sank in the Baltic Sea; Nelson Mandela casts his vote in the 1994 South African general election, in which he was elected South Africa's first president, and which effectively brought Apartheid to an end; NAFTA, which was signed in 1992, comes into effect in Canada, the United States, and Mexico; The first passenger rail service to utilize the newly-opened Channel tunnel; The 1994 FIFA World Cup is held in the United States; Skulls from the Rwandan genocide, in which over half a million Tutsi people were massacred by Hutus., 300x300px, thumb rect 0 0 200 200 1994 Winter Olympics rect 200 0 400 200 Northridge earthquake rect 400 0 600 200 Sinking of the MS Estonia rect 0 200 300 400 Rwandan genocide rect 300 200 600 400 Nelson Mandela rect 0 400 200 600 1994 FIFA World Cup ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banks Of Venezuela
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because banks play an important role in financial stability and the economy of a country, most jurisdictions exercise a high degree of regulation over banks. Most countries have institutionalized a system known as fractional reserve banking, under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, the Basel Accords. Banking in its modern sense evolved in the fourteenth century in the prosperous cities of Renaissance Italy but in many ways functioned as a continuation of ideas and concepts of credit and lending that had their roots in the anc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
.png "Click for more on -> New York Times")
