May 6, 2007
Odd thing though, we are not hearing anything of this in local papers in the states. The news is at the Venezuelan newspaper Cambio, online. The report is in Spanish. There is news in English at Venezuelan Analysis.com . I have translated some key points from Cambio. More…
President Hugo Chaves takes a more firm stance against the U.S. and the multilateral System by announcing Venezuela’s pull-out from the World Bank and the International Monetary Fund, apart from the nationalization of the Orinoco oil region.
Chavez had declared that Venezuela is nobody’s colony while appropriating the Orinoco oil region. This is the region where multi-national corporations have their operations. They include Exxon Mobil, Chevron and Conoco-Philips, Britain’s British Petroleum, Norwegian Statoil and Frances Total.
Chavez has also nationalized strategic public service company’s such as telecommunication CANTV and Caracas Electricity, as well as the expropriation of thousands of hectares of unproductive land and has threatened to nationalize the banks as well as the steel production which has caused a panic in private industry. Freedom of the press is now in jeopardy and channel RCTV, the country’s oldest broadcaster, is due to have it’s license cancelled on May 28,2007.