Bolivia nationalises Spanish owned electricity firm..if you want it..take it?

http://www.bbc.co.uk/news/world-latin-america-17916573

Bolivian President Evo Morales has nationalised a Spanish-owned electric power company.

Mr Morales ordered the military to take over the subsidiary of Spanish power company REE, which owns and runs around three-quarters of Bolivia’s power grid.

Mr Morales said he had ordered the take-over in honour of the Bolivian people fighting to regain control of their natural resources.

Last month Argentina took control of Spanish-owned oil company YPF.

Speaking at a May Day ceremony, President Morales said that “in honour of all Bolivian people who have struggled to recuperate our natural resources and basic services, we are nationalising Transportadora de Electricidad (TDE)”.

He said he was expropriating the company because it had failed to invest sufficiently in Bolivia.

Spanish power company REE bought 99.94% of shares in TDE in 2002. The remaining 0.06% are in the hands of the Bolivian employees of TDE.

TDE owns and runs 73% of the power lines in Bolivia, providing 85% of Bolivians with electricity, according to the company’s website.

Mr Morales did not say how the Spanish company would be compensated, but in his decree he stipulated that the state would negotiate a payout with REE.

TDE’s nationalisation is the latest in a series of expropriations decreed by President Morales.

On May Day 2010, he expropriated four power-generating companies.

One of them, British electricity utility company Rurelec, is currently seeking compensation for the take-over at the Permanent Court of Arbitration in The Hague.

Spanish government officials said they were still gathering information about the move, but said it was different from Argentina’s takeover of Spanish-owned oil company YPF just over two weeks ago.

Spain reacted angrily to YPF’s nationalisation, threatening retaliation and rallying international support against it.

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i love how these south american nations just take what they want..its called theft but seems to be “allowed”?..one day there will be a war over this sort of hijacking..why would you invest now in Bolivia or Venezuela or even Argentina?

401

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~ by seeker401 on May 3, 2012.

4 Responses to “Bolivia nationalises Spanish owned electricity firm..if you want it..take it?”

  1. You are kidding, right? You call this theft? Maybe you need to do a little research in the history of colonialism on South America, and the destruction and poverty that these multinational corporations have caused.

    Are you honestly on the side of European firms? Do you really not understand what is going on in South America?

    I must say I’m disappointed in you.

    • if i believed that morales was a moral person who makes decisions based on what is truly best for his people, i would be cheering him on – in fact i would be urging him to arrest any and all representatives of the spanish company and throw them in jail forever or hold them for multi-billion ransom.

      but i don’t trust leftists because history has demonstrated that they are not actually motivated by what is best for their people, but by what aids their party, and their parties typically work for the international banking cartel.

      when morales announces that his country will no longer deal with rothschild fiat currency and that he’ll be working with other “left” leaders to create a framework that is debt-free and not controlled by a few families… then we have something to talk about. until then, it’s just on with the show…

    • I certainly don’t support the Gaia loving bullshit pedalled by morales.

      You made some grandiose statements about European firms and south American countries. Are you trying to tell me no elites live in these countries and that everyone lives in a mud hut?

      You really think morales nationalised this company for the people? Don’t be so naive. Same for Venezuela and Argentina. I know the history of colonialism. I also know all countries are elite run, so this is purely the transfer of wealth from one group of fuckers to another via theft, using nationalistic or environmental reasoning, to appear legit.

      I like to have alternate views to mainstream.

      Thanks for your comments.I appreciate both sides of the argument.

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