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Venezuela's Chavez nationalizes French-owned retailer
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Venezuela's Chavez nationalizes French-owned retailer
	
	
		
CARACAS
		
Sun Jan 17, 2010 3:06pm EST
	
               
      
 
      
               
      
      
 
    
			
     
	
CARACAS (Reuters) - Venezuela's socialist President Hugo Chavez on Sunday nationalized Exito, a chain of supermarkets controlled by France's Casino, on charges of price gauging after the government devalued the bolivar currency.
 
			World
"Because of multiple violations of Venezuelan laws, the Exito chain will now belong to the republic, there is no way back," Chavez said on his weekly television show.
Chavez devalued the bolivar on January 8 to boost government finances and revitalize the recession-hit economy, but risks boosting already high inflation.
Aware a price surge could anger his mostly poor supporters, Chavez ordered troops to monitor shopping districts. Authorities had already temporarily closed stores belonging to the supermarket chain on charges of price gouging.
The stores are run by Colombian retailer Alamcenes Exito, which belongs to Casino.
(Editing by Maureen Bavdek)
			
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