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Under Venezuela's 2010 Organic Law on the Domestic Financial System, banks, insurance companies, brokerage firms, and other financial institutions "have the obligation of collaborating with sectors of the productive, popular communal economy through healthy financial intermediation, inspired by the spirit of productive transformation."
In other words, their mandate includes funding traditional economic sectors. They're also responsible for social and communal production entities and related organizations.
Advancing collective savings is required. So is promoting alternative communal investments.
Venezuelan law mandates its central bank to adapt its "legal, administrative and functional structure to the goals of the production model, and the Central Bank may not be detached from the actual needs of the economy."Its operations must "meet the objectives of a socialist state." It's the law of the land in a mostly private economy.
Millions of Venezuelans mourn Chavez's passing. His body lies in state. It's in Caracas' Military School. It's in a half-open casket.
A Friday state funeral is planned. Heads of state will attend. So will numerous other dignitaries. Expect many there. Venezuelans chant "Chavez lives. The struggle goes on."
Venezuela declared seven days of mourning. Other countries declared three. They include Cuba, Brazil, Argentina, Ecuador, Bolivia, Nicaragua, Uruguay, the Dominican Republic, Chile, Iran and Belarus. Perhaps others will join them.
At the request of Cuba's UN ambassador, the Human Rights Council declared one minute of silence. It did so on March 6.
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