Chavez threats are real

CARACAS – President Hugo Chavez could well deliver on threats to nationalise banks, a steelmaker and cement companies, having taken over Venezuela’s largest media firm despite its attempts to meet his demands.

Chavez, a close ally of Cuban leader Fidel Castro, on Thursday reprised his strategy of firing warning shots, telling companies to fall into line with his self-styled socialist revolution or face nationalisation for what he describes as the benefit of the people. A high-ranking government official said Chavez’s remarks could not be dismissed as rhetorical bluster.”I fear Chavez may well go through with it.This is not the first time he says he is going to do something, then does it,” said the official, who requested anonymity because he opposes the nationalisation policy despite working for the government.Chavez, who has already taken over power utilities and oil projects in the Opec country this year, told private banks and Ternium-Sidor, the country’s largest steelmaker, to adapt their businesses to what he called the national interest.Last month, Chavez said cement-makers could be nationalised if they were found to be worsening a housing shortfall by favouring exports over domestic sales.Nampa-ReutersA high-ranking government official said Chavez’s remarks could not be dismissed as rhetorical bluster.”I fear Chavez may well go through with it.This is not the first time he says he is going to do something, then does it,” said the official, who requested anonymity because he opposes the nationalisation policy despite working for the government.Chavez, who has already taken over power utilities and oil projects in the Opec country this year, told private banks and Ternium-Sidor, the country’s largest steelmaker, to adapt their businesses to what he called the national interest.Last month, Chavez said cement-makers could be nationalised if they were found to be worsening a housing shortfall by favouring exports over domestic sales.Nampa-Reuters