Venezuelan President Hugo Chavez was sworn in for a new six-year
term on Wednesday, local media reported.
Emboldened by his landslide re-election, the typically combative
anti-US leader went on the offensive, deciding to strip a private
opposition TV channel of its license and to take over a number of
foreign-owned major companies.
"Fatherland, socialism or death I take the oath," Chavez
said.
Fright gripped investors this week at the leftist drive that
further consolidated power in the hands of Chavez who already
controls Congress, the courts and claims to have complete support
from the army and the giant state oil company.
As the United States renewed its criticisms Chavez's moves
against private property, the stock market tumbled by close to 20
percent?on Tuesday, debt prices tumbled to a six-week low and
the currency changed hands at nearly twice the official exchange
rate.
Still, buoyed by strong oil revenues and high popularity, the
leader, who views Cuban President Fidel Castro as his mentor, is
expected to survive any economic and political storm.
In his tumultuous political career, the former army officer has
survived jail, a coup and a recall referendum. A leading anti-US
voice in the world and a leader of a leftwards trend in Latin
America, Chavez now wants to scrap term limits and lead the OPEC
nation for decades.
New Vice President Jorge Rodriguez sought to calm Venezuelans'
nerves over the economic turmoil. "The stock exchange is more solid
than ever ... It's nothing," he said.
Chavez, who rode to Congress for the swearing-in ceremony in an
open-top car waving at crowds of supporters, highlighted on Monday
his new term's plans, such as stripping the autonomy of the central
bank and taking on special legislative powers.
(China Daily via agencies January 11, 2007)
