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 ($1.3 billion bailout[1]). Later, two banks accounting for 18% of total deposits (Banco Consolidado and Banco de Venezuela) also failed.[2] The crisis led the President Rafael Caldera to suspend constitutional rights in order to impose price controls, exposure of deep corruption in the Venezuelan banking system, and the resignation of Finance Minister Julio Sosa Rodriguez.[3][4][5]

  1. ^ Escobar, Gabriel (1994-06-27). "VENEZUELAN ECONOMY IN CRISIS". Washington Post. ISSN 0190-8286. Retrieved 2023-03-16.
  2. ^ Cite error: The named reference Molano was invoked but never defined (see the help page).
  3. ^ Brooke, James (1994-05-16). "Failure of High-Flying Banks Shakes Venezuelan Economy". The New York Times. ISSN 0362-4331. Retrieved 2024-08-14.
  4. ^ "VENEZUELAN ECONOMY IN CRISIS". Washington Post. 2024-01-05. ISSN 0190-8286. Retrieved 2024-08-14.
  5. ^ "Venezuelan Finance Minister resigns - UPI Archives". UPI. 1995-02-06.