Monthly Archives: August 2010

Aug
13
2010
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Venezuela lifts Colombian attack alert

This article was originally posted by Colombia Reports

State-owned company Petroleums of Venezuela on Friday lifted a “yellow alert” from oil rigs around the country after reconciling with neighboring Colombia.

The alert was put in place two weeks ago due to fears of an attack on Venezuela by Colombia and the U.S.

Venezuelan Minister for Energy and Petroleum Rafael Ramirez announced the government’s decision, explaining that the alert “was an important decision because of the strained atmosphere due to the threats that the people [of Venezuela] were suffering.”

Venezuelan President Hugo Chavez broke relations with Bogota on July 22 over Colombia’s allegations that Venezuela was harboring guerrillas. After severing all ties, Chavez amassed troops at the border.

Chavez reconciled with his Colombian counterpart Juan Manuel Santos at a summit in the Colombian port of Santa Marta, convened to address the diplomatic feud between the two countries

On Thursday Colombia backed down from its initial demand that an international mission inspect the cites in Venezuela where FARC guerrillas were alleged to be hiding out.

Colombia’s Foreign Minister Maria Angela Holguin announced that there would be no international verification of the allegations, and that instead a bilateral commission would be created to address security issues.

 
Aug
13
2010
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VenEconomy: Eliminating the Adversary

Credits: Latin American Herald TribuneThis article was originally posted by The Latin American Herald Tribune

Two months ago, Banco Federal, owned by Nelson Mezerhane, was intervened. At that time, it was commented that there seemed to be no technical or financial explanation for the measures as, according to the latest available financial statements, Banco Federal was solvent. So, in the opinion of the analysts, the intervention was prompted by “political considerations,” by the simple fact that Mr. Mezerhane is the owner of 20% of Globovisión, which, in turn, is one of the few media that dare to criticize the Chávez administration’s policies.

On Tuesday, August 10, at a press conference, Planning and Finance Minister Jorge Giordani and Bank Superintendent Edgar Hernández Behrens announced the sale of part of the assets of the intervened Banco Federal in order to pay customers whose deposits were not guaranteed by Fogade. They also announced the winding up of the bank. Reading between the lines, Giordani’s and Hernández’s statements seem to corroborate the perception that there were no technical or financial reasons for intervening the bank.

Proof of the bank’s solvency, in the eyes of some, is the fact that Banco Federal supported a run on the bank provoked by a malicious campaign launched via the state-owned media and opinion mongers sympathetic to Chavismo.

But things haven’t stopped with Banco Federal. The fact is that the government has mounted an unprecedented campaign against Nelson Mezerhane, which goes from issuing a warrant for his arrest to the confiscation of his companies and other property, and even a campaign to discredit him in the government-sponsored media, which have submitted him to public derision.

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Aug
12
2010
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Venezuela Aims To Keep Bankers From Owning Media Cos

This article was originally posted by The Wall Street Journal

Venezuelan Vice President Elias Jaua asked lawmakers Wednesday to approve a plan to prevent owners of banks from controlling large media companies.

The proposal, similar to legislation in Ecuador, argues that freedom of speech can’t exist if banks or business monopolies control the media.

Venezuela’s National Assembly has been debating various proposed changes to banking laws since April, and this latest request from the administration of President Hugo Chavez would be part of that reform bill.

The idea to keep bankers and media moguls separate comes because of the government’s discomfort with Globovision, an anti-Chavez television station, and Nelson Mezerhane, one of the station’s controlling shareholders. In addition to holding a 26% stake in Globovision, Mezerhane also ran a mid-sized bank, Banco Federal, which was seized by authorities in June for alleged liquidity problems.

Globovision is the only major television outlet in the country critical of Chavez.

The Chavez administration didn’t renew the license of Radio Caracas Television, also a voice of political opposition, in 2007, sparking accusations that the government was silencing dissenting media.

“We can’t talk about having a full democracy while allowing corporate interests to consolidate power,” Jaua said.

The government, which took control of Banco Federal and now plans to liquidate it, has issued an arrest warrant for Mezerhane. The government also said it has since taken ownership of Mezerhane’s stake in Globovision.

Mezerhane, who resides in the U.S., denies all the charges against him and said he doesn’t plan to return to Venezuela anytime soon.