White House: Chavez plan to nationalize firms doomed to fail

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Jan 9, 2007, 22:52 GMT

Washington - Venezuelan President Hugo Chavez's plan to nationalize utility companies will likely fail and represents an 'unhappy day' for the country's people, the White House said Tuesday. Chavez announced his plan to take over electricity and telecommunications firms on Monday, sending the country further down the path of socialism in the eyes of the US. 'Nationalization has a long and inglorious history of failure around the world,' White House spokesman Tony Snow said. 'We support the Venezuelan people, and think this is an unhappy day for them.' Chavez said he also intended to nationalize all heavy petroleum refineries, many of them owned by foreign companies that moved into Venezuela in the last 10 years. © 2007 dpa - Deutsche Presse-Agentur

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