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Venezuela has money to continue nationalizing: Chavez



SALVADOR, Brazil,  May 27, 2009

Venezuela has the means to pursue its program of nationalizing companies and will continue "according to opportunities," President Hugo Chavez said Tuesday during a visit to Brazil.

"Questions are being asked whether we have the money to continue the nationalizations. Yes, we have the money," Chavez told a media conference after a meeting with Brazilian counterpart Luiz Inacio Lula da Silva.

The nationalizations "will continue according to opportunities, because we have a priority of investing in the public welfare and job protection," he said.

Chavez's hard-left government has recently nationalized companies in the iron, telecoms and banking sectors and is threatening to do the same with pharmaceutical and food firms.

Chavez said having the government take over the companies was keeping 10 billion dollars in the country that otherwise would have been sent abroad.

Story from AFP
AFP 05/26/2009 22:48

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