Word: venezuela
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Dates: during 1990-1999
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...turbulent life as the chronicle of Paula's death, is a best seller in the U.S., Latin America and Europe. It has brought a new audience to the author, 52, who wrote her first novel, The House of the Spirits, at 40, when she was an exile in Venezuela after the murder of her cousin, former Chilean President Salvador Allende. That novel, in the magical realist style of Gabriel Garcia Marquez, was made into a 1994 film with Meryl Streep and Jeremy Irons. Altogether, Allende's four novels and a short-story collection have sold an estimated 10 million copies...
...government insists it is trying to get to the bottom of the issue, but its efforts are widely viewed as slow and inept--a perception that has grown since the first and biggest bank closed its doors. That institution was Banco Latino, Venezuela's second largest, which at its peak claimed $1.4 billion in deposits. By the time the national banking superintendency took it over in January 1994, Latino's deposits had been reduced $1 billion. In going over the books, government inspectors uncovered false entries, fraudulent accounting and insider lending...
...expand the crisis. In June 1994 all the subsidized banks were declared insolvent and closed down; none reopened. Some of the rescue money was used to pay off depositors, whose savings accounts were insured up to $23,000, but much of it simply disappeared. William Davila, vice president of Venezuela's Senate finance committee, charges that bank managers loaned themselves the money and shipped it to overseas accounts...
...owned businesses in half a dozen countries, including the failed Banco Progreso and Banco Republica and 42 Venezuelan radio stations. He has lost all his Venezuelan holdings, which he had pledged as collateral for government loans to the banks. Charged with having violated an order not to leave Venezuela, Castro says he departed because the Caldera government's suspension of civil liberties denies him a fair hearing. He claims to be the victim of a vendetta by Investment Minister Carlos Bernardez, an old political enemy with whom he vied for control of Banco de Venezuela, one of the country...
...been formally indicted. Norys Aguirre, president of the State Deposits Guarantee Fund, which runs the nationalized banks, insists that charges will indeed be brought against those accused of fraud. Most of the money will never be recovered, she says, adding that in the long run, ``the people of Venezuela will pay, with inflation and more taxes. We're all going to pay.'' Reported by Greg Aunapu/Miami and Mary Matheson/Caracas