Bankrupted by Socialism, Venezuela Cedes Control of Companies

Saddled with hundreds of failed state companies in an economy barreling over a cliff, the Venezuelan government is abandoning socialist doctrine by offloading key enterprises to private investors, offering profit in exchange for a share of revenue or products. Dozens of chemical plants, coffee processors, grain silos and hotels confiscated over the past two decades have been transferred — but not sold — to private operators in so-called strategic alliances, nine people with knowledge of the matter said. Managers cover payroll and investments, and deliver products and a percentage of their income to the government. By By Fabiola Zerpa and Nicolle Yapur. Full Text -> Bloomberg

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