Skip to comments.Bolivia nationalizes 4 power companies
Posted on 05/02/2010 12:45:35 AM PDT by bruinbirdman
Bolivian President Evo Morales announced a workers' day takeover of four power companies on Saturday, expanding the state's dominion over key industries.
Morales signed the nationalization decree at offices of one of the companies in the central city of Cochabamba hours after police and soldiers moved in to secure them.
The companies include Bolivia's largest power producer, Empresa Electrica Guaracachi SA, which is controlled by Rurelec PLC of Britain, as well as Empresa Corani SA, a hydroelectric company operated by GDF Suez, which itself is partly owned by the French government.
Also nationalized were the Valle Hermoso company, operated by the private Bolivian Generating Group, and the Empresa de Luz y Fuerza de Cochabamba, which has been owned by its workers and local citizens.
Workers of that company had occupied their offices overnight to try to block the transfer of ownership from local to national hands.
May Day takeovers have become a tradition for the socialist president. He decreed nationalization of the hydrocarbons industry in 2006 and took over a telephone company in 2008.
"We are complying with the constitution that says that basic services cannot be a private business," Morales said Saturday.
He said the government would try to expand service to poor and isolated areas.
The nationalization of hydrocarbons, principally gas, increased government revenues but largely froze private investment in the sector.
Still in private hands are the country's railroads.
(Excerpt) Read more at forbes.com ...
Oh! Let me guess! The railroads will be nationalized next.
I predict that eventually nothing in Bolivia will work or move. Bolivia will become like Zimbabwe.
It’s amazing, isn’t it, to realize Hitler was the forerunner of a modernday movement.
That’ll really help.
It already looks like he nationalized Erik Estrada’s hair.