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May 02, 2006

May Day, Continued

Another Latin American country falls. Bolivia nationalized its natural gas fields yesterday.

It will be interesting to see what the fallout will be for burning Brazil.

Mr Morales came to Brasilia with a track record of activism as a former coca-growers' union leader, as well as a commitment to economic reforms that would benefit Bolivia's impoverished indigenous majority.

But at the same time, he needed to reassure Brazilian investors - especially Brazil's state-owned oil and gas giant, Petrobras - that he would take a business-friendly approach.

Petrobras, which has invested more than $1bn in Bolivia and controls 45% of its gas production, was duly placated. The company's boss, Jose Sergio Gabrielli, said he expected an excellent business climate under Mr Morales.

Now the mood in Brazil is one of betrayal and humiliation.


Well you know what happens when industry is nationalized.
I'll let Val Prieto at the Anti-Castro Babalublog say it for me:

And ten years from now, just like in Cuba, half of the fields wont be in operation and then let the foreign subsidies begin!

UPDATE: Iblis comments:

Better start building that fence with Mexico post-haste.

Astute point.


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posted by Laura. at 09:45 AM

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