Banks abandon Chavez strike

Associated Press

CARACAS, Venezuela — Under intense pressure from President Hugo Chavez, Venezuela's banks agreed to abandon a 59-day-old opposition strike — the latest sign the drive to force Chavez's quick ouster was unraveling.

Wednesday's decision came as the government nibbled away at the strike's core: a walkout that hobbled the oil industry, the world's No. 5 exporter.

Output surpassed 1 million barrels a day this week, a third of normal. Oil provides half of government income and 70 percent of export revenue.