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Venezuela to Lower Phone Rates 20% Following Nationalization Posted: Wednesday, May 23, 2007 With the swearing in of the new board of directors for Venezuela's main telecommunications company CANTV, which was recently nationalized, President Hugo Chavez declared that phone rates would be lowered by as much as 20%, among a number of other changes. "We have nationalized [CANTV] after so many years [after privatization], but it will not become what it was prior to privatization, when it was a company of a capitalist state. Now we have to make a leap from a private capitalist company to a socialist state-owned company, which is not seeking profit, even when with a good management there will not be economic losses," declared Chavez during yesterday's ceremony, which was broadcast on all TV channels. "More important than economic gain is the social gain – social service for the integral development of all inhabitants of Venezuela," added Chavez. Full Article : venezuelanalysis.com |
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