CARACAS (Reuters) - Re-elected Venezuelan President Hugo Chavez will be sworn in on Wednesday for a new term ending in 2013 while promising a radical socialist revolution and nationalizations that have dragged down financial markets.
Emboldened by his landslide victory last month, the anti-U.S. leader has brazenly courted controversy, refusing to renew the license of an opposition television channel and vowing to take over major companies, including some owned by foreign investors.
"We are moving toward a socialist republic of Venezuela," the leader of the OPEC nation said on Monday, outlining policies such as stripping the central bank of its autonomy and asking Congress to grant him special legislative powers.
Chavez insists he needs more power to save Venezuela from exploitation and even attack by capitalist countries, particularly the United States, whose President George W. Bush he has labeled "the devil."
CARACAS (Reuters) - Emboldened by a landslide re-election, Venezuelan President Hugo Chavez has vowed to nationalize utilities, consolidating his power and setting a Cuba-inspired radical course for his new six-year term.
"It is clearly the opportunity for him to forge ahead with his revolution," said Michael Shifter, a Latin America expert at the Inter-American Dialogue in Washington. Chavez, who hopes to rule for decades, announced a broad plan on Monday to nationalize Venezuela's telecommunications and power utilities, end central bank autonomy and request congressional approval to rule by decree. More
Wed Jan 10, 2007
MANAGUA (Reuters) - Cold War leader Daniel Ortega returns to power in Nicaragua on Wednesday, giving Venezuelan President Hugo Chavez a new ally as he tries to steer Latin America to the left and away from the United States.