Chavez: Will nationalize telecoms, power

[DragonLogos]

http://news.yahoo.com/s/ap/20070108/ap_on_re_la_am_ca/venezuela_chavez

CARACAS, Venezuela - Venezuelan President Hugo Chavez announced plans Monday to nationalize the country's electrical and telecommunications companies, calling them "strategic sectors" that should be in the hands of the nation

The New York Stock Exchange immediately halted trading in CANTV, Venezuela's largest publicly traded company, which was singled out in Chavez' speech. The decision was also likely to affect Electricidad de Caracas, owned by AES Corp.

 

[antowan]

Depends on their performance. If those companies are anything like Telkom, wtf not nationalize them? If you are not going to allow proper competition then friggin take away the profit driving force, nationalize and drop the prices. It is not exactly like Telkom is innovating either...

I would however prefer more competition to nationalization. If government isn't however serious about competition, then it might not be bad to nationalize Telkom again.