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Venezuela Chavez nationalizes French-owned retailer [View All]

The Northerner

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Sun Jan-17-10 04:27 PM
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Venezuela Chavez nationalizes French-owned retailer

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Source: Reuters

CARACAS, Jan 17 (Reuters) - Venezuela's socialist President Hugo Chavez on Sunday nationalized a chain of supermarkets controlled by France's Casino (CASP.PA) on charges of price gauging after the government devalued the bolivar currency.

"Because of multiple violations of Venezuelan laws the Exito chain will now belong to the republic, there is no way back," Chavez said on his weekly television show.

In his 11 years in office, Chavez has nationalized large swathes of the economy, including major oil projects along with electricity and telecommunications companies.

The leader who calls Cuba's Fidel Castro a mentor has recently declared himself a Marxist and wants to build a socialist society in one of the world's top oil exporters.

Read more: http://www.reuters.com/article/idUSN1714485520100117

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Venezuela Chavez nationalizes French-owned retailer [View All]