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)"...
... TDE owns and runs 73% of the power lines in Bolivia, providing 85% of Bolivians with electricity, according to the company's website.
... 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.The calle to serfdom.
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