Venezuela's President Nicolas Maduro didn't waste any time using the "emergency powers" granted to him on Tuesday by the National Assembly. Only weeks after sending in troops to force an electronics store chain to lower prices, Mr. Maduro issued a decree that profit margins can be limited.
As food shortages and high inflation continue to wreak havoc on the Venezuelan economy, Mr. Mauro says the decree is necessary to win an "economic war" he blames on his opponents, AFP reported.
Opponents of Mr. Maduro cite the recent moves as part of an effort to leverage power as municipal elections near.
"This is for the good of the nation," Mr. Maduro said of recent strong-arm tactics against businesses. Shortly after being granted his emergency powers, he said, The Washington Post reported: "We are going to consolidate this economic offensive ... Mission completed, Comandante Hugo Chavez!"
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