VENEZUELA:Venezuelan president Hugo Chavez has been sworn in for a new six-year term that he vows to use to press a radical socialist revolution, including nationalisations that have stirred up financial markets.
Emboldened by his landslide re-election win, the typically combative anti-US leader has gone on the attack, deciding to strip a private opposition TV channel of its licence and take over some major foreign companies.
"Fatherland, socialism or death - I take the oath," said Mr Chavez.
Investors took fright this week at the leftist drive that further consolidates power in the hands of a former coup leader who already controls the legislature and the courts. He says he has total support in the army and the giant state oil company.
As the US criticised Mr Chavez's moves against private property, the stock market lost almost one-fifth of its value on Tuesday. Debt prices tumbled to a six-week low and the currency changed hands at nearly twice the official rate. In his political career, the former army officer has survived jail, a coup and a recall referendum.
New vice-president Jorge Rodriguez sought to calm Venezuelans' nerves over the economic turmoil. "The stock exchange is more solid than ever . . . It's nothing," he told reporters.
Mr Chavez's plans include stripping the central bank of its autonomy and taking on special legislative powers.