Venezuela Government Occupies Electronics Chain

Written By Unknown on Senin, 11 November 2013 | 00.27

Venezuela's socialist government has "occupied" a chain of electronics stores in a high-profile crackdown on alleged price fixing it claims is harming the country's economy.

Authorities arrested managers of the five-store Daka chain, sending soldiers into the shops and forcing it to start selling products at cheaper prices.

That brought crowds of bargain-hunters to Daka outlets and sparked looting at one store in the central city of Valencia.

Shoppers crowd outside a Daka store as they wait to shop for electronic goods in Caracas Hundreds of people queue up looking for bargains

President Nicolas Maduro, who accuses rich businessmen and right-wing opponents of waging an economic "war" against him, said the move was "the tip of the iceberg" in a national drive against speculators.

In a speech, he condemned the looting but said the real criminals were unscrupulous businessmen exploiting Venezuelans with unjustified price hikes.

He said: "The ones who have looted Venezuela are you, bourgeois parasites.

"We're going to comb the whole nation in the next few days. This robbery of the people has to stop. You've not seen anything."

Critics say Venezuela's runaway inflation - now at 54% - is due to economic mismanagement and the failure of socialist policies.

Mr Maduro's political opponents also say excessive government controls and persecution of the private sector are to blame for shortages of basic goods and price distortions.


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