The Associated Press January 8, 2007, 5:40PM EST
By IAN JAMES
President Hugo Chavez announced plans Monday to nationalize Venezuela's electrical and telecommunications companies, pledging to create a socialist state in a bold move with echoes of Fidel Castro's Cuban revolution.
"We're moving toward a socialist republic of Venezuela, and that requires a deep reform of our national constitution," Chavez said in a televised address after swearing in his new Cabinet. "We are in an existential moment of Venezuelan life. We're heading toward socialism, and nothing and no one can prevent it."