Chávez Orders Federal Takeover of Venezuelan Ports |

Chávez Orders Federal Takeover of Venezuelan Ports

Venezuelan President Hugo Chávez deployed troops on Saturday to seize several key air and maritime ports, while introducing economic measures meant to close a revenue shortfall caused by plunging oil prices.

Mr. Chávez’s takeover of the air and sea ports, including one in Carabobo state that handles much of the nation’s non-oil trade, gives the federal government direct control over lucrative transportation hubs that were previously managed at the state level. The move also deals a blow to Mr. Chávez’s political opposition, as several of the key installations are in states controlled by opposition governors.

Mr. Chávez, a 54-year-old former army officer, is scrambling to recalibrate his decade-old presidency as oil-price declines threaten a key source of his power: giant subsidies for everything from food and health care to gasoline.

http://online.wsj.com/article/SB123777356659110643.html

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