Venezuelan President Nicholas Maduro threatens to nationalize private companies, one day after a declaring a state of emergency as the country grapples with an economic crisis brought on by falling oil prices. Subtitled Rough Cut (no reporter narration)
SUBTITLED ROUGH CUT (NO REPORTER NARRATION) STORY: Venezuelan President Nicolas Maduro threatened on Saturday (May 14) to take over idled private companies, one day after declaring a state of emergency that allows him to rule by decree amid a grim economic crisis. The OPEC nation has been sliding into chaos as the price of a barrel of oil nose-dived and Venezuelans face chronic product shortages, triple-digit inflation, and the country at risk of defaulting on its debt. On Friday (May 13) night, Maduro declared a 60-day state of emergency due to what he called plots from Venezuela and the United States to subvert him. He did not provide specifics. On Saturday (May 14), he added the government would take over idled factories, without providing details. "Comrades, I am ready to hand over to communal power the factories that some conservative big wigs in this country stopped. An idled factory is a factory handed over to the people. But we're going to do it, fuck it! The time has come to do it and radicalize the revolution. The time has come without vacillation. To vacillate is to lose ourselves. We have no choice but to do it," he said. Protests are on the rise and a key poll shows nearly 70 percent of Venezuelans now say Maduro must go this year. The opposition won control of the National Assembly in a December election, propelled by voter anger over product shortages, raging inflation that has annihilated salaries, and rampant violent crime. Under his predecessor and mentor Hugo Chavez, Venezuela nationalized companies in various sectors including oil, cement, electricity and food production.