Hugo Chavez Sworn In
Hugo Chavez was sworn in today for a new six year term as President of Venezuela.
Reuters reports:
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Chavez, who won 63 percent of the vote in December, has amplified comparisons with Castro by creating a single party to steer his revolution, but insists he will always tolerate opposition. |
As a token of tolerating opposition, he decided "to strip a private opposition TV channel of its license and take over some major companies owned by foreign investors."
His nationalization plans have already hurt the main index on Caracas's stock exchange losing almost 19 percent on Tuesday.
Companies like Verizon could lose hundreds of millions.
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Verizon Communications had been looking to lighten its exposure to Latin America for some time when it struck a deal in April to sell investments in three properties in Puerto Rico, the Dominican Republic and Venezuela. Now, it probably wishes it had disconnected its Latin lines even sooner. The company could possibly lose up to several hundred million dollars because of President Hugo Chávez of Venezuela, who has threatened to nationalize the country's main telephone and electricity companies. |
Source: International Herald Tribune
To make matters worse, he also repeated his intention to eliminate presidential term limitations.
Comments
I heard today that when we went into Iraq we found many of the electrical lines on their grid literally turned to dust when handled and when they tried to use them.
That is why the electricity there is spotty. Starting from scratch.
Perhaps in 10-15 years we can fix the mess that Venezuela will be in.
By then Iraq/Iran will be fixed.
Posted by: prying1![[TypeKey Profile Page]](http://www.thebrokenchair.com/nav-commenters.gif)
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January 10, 2007 10:33 PM
If there is anything left of Venezuela by that time.
Posted by: Ed Z![[TypeKey Profile Page]](http://www.thebrokenchair.com/nav-commenters.gif)
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January 11, 2007 11:07 PM