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Bolivia Nationalizes Electrical Grid

As neighboring Argentina brings its oil supply under state control, Bolivian President Evo Morales announced last week that his government has placed the country’s electricity sector under public ownership by seizing the main power grid from a Spanish company.

Critics say Morales’ policy of public ownership will discourage foreign investment.

Morales said the Spanish company, Red Electric, would be compensated for its loss. –ARK

AP via Yahoo News:

Morales took advantage of the symbolism of May Day, the international day of the worker, to order troops to occupy installations of the company, a subsidiary of Red Electrica Corporacion S.A.

“We are nationalizing the Transportadora de Electricidad in the name of the Bolivian people as a fitting homage to the workers who fought for the recovery of our natural resources and basic services,” Morales said during a ceremony at the presidential palace.

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