Venezuela's Congress on Wednesday granted President Hugo Chavez powers to rule by decree for 18 months as he tries to force through nationalizations key to his self-styled leftist revolution, according to Reuters. The vote allows Chavez, who has been in power since 1999, to deepen state control of the economy. The lawmakers, all loyal to Chavez after opposition parties boycotted the 2005 congressional elections, flaunted their populist credentials by taking the unusual step of holding their vote in public in a square in Caracas. "We in the National Assembly will not waver in granting President Chavez an enabling law so he can quickly and urgently set up the framework for resolving the grave problems we have," said congressional Vice-President Roberto Hernandez. The economic reforms are set to work in tandem with increased political centralization. Chavez is forging a single party to lead his radical reforms, stripping the central bank of autonomy and seeking indefinite re-election. Chavez has targeted the oil industry and utilities, affecting many foreign owners and shareholders.
