Chavez tried to quell those fears on Thursday. “I ask you to see the truth. Don’t let yourselves be terrorised. Be free,” he said, accusing some media outlets and governments of trying to demonise his efforts. “We are not going to copy the Soviet model nor the current model of socialism in Europe nor the Cuban model. We are going to create our own model,” Chavez said.

Chavez has said he will use his special decree powers, which will be in force for 18 months, to also nationalise the country’s biggest telecommunications company and the electricity and natural gas sectors. On Thursday, he said the takeover will include Electricidad de Caracas, which is controlled by US electricity company AES, and four other regional power companies that are privately run: ELEBOL in Bolivar state, ELEVAL in the Valencia city, CALIFE in Puerto Cabello, and ELECA on Margarita Island.