By Jeremy Morgan
Latin American Herald Tribune staff

CARACAS – The governor of Sucre state in eastern Venezuelan announced that he would “expropriate” a sardine processing plant in Cumaná, claiming that the authorities had uncovered “aberrations” in the use of workers’ welfare funds at the company.

Governor Enrique Maestre proclaimed that the company, La Gaviota, would be the first “socialist” sardine canner in Sucre and that his administration wouldn’t tolerate “capitalist companies that act with savagery against the workers."

Maestre’s move echoed President Hugo Chávez’ altogether much grander strategy of military takeovers of ports, airports and highways in states controlled by the opposition.

However, it was also noted that Maestre had unveiled his planned takeover amid controversy over a government decision earlier this week to ban trawl fishing, apparently on the basis of environmental grounds and to conserve fish stocks.

Trawler owners and workers in Punto Fijo, Falcón state in west Venezuela said they planned to appeal to the Supreme Justice Tribunal in an attempt to get the ban overturned.

Maestre’s statement Friday came amid speculation that Chávez was poised to broaden his takeover policy. On Thursday, the president announced that he would unveil a package of economic measures on Saturday. He confirmed that he was going ahead with his takeover of Banco de Venezuela from its owners, Santander Group of Spain.

While officials have tried to claim that the government’s economic policy will protect the economy and the people from the worst of the global turmoil, the view elsewhere is almost exactly the opposite.

Economists say that Venezuela’s heavy dependence on oil – which accounts for about half the economy and four-fifth or more of export earnings – if anything makes the South American country more not less vulnerable to the vagaries of the outside world.

It was even suggested that the government might devalue the official exchange rate of the national currency, the bolívar – a move officials insist would not be made this year.

That said, other observers demurred from the suggestion that the exchange rate was about to change. Alejandro Grisanti, an analyst with Barclays Capital Research, while not entirely discounting any such move advised devaluation was more likely at the end of the second quarter or the start of the third.

Instead, Grisanti said the expected package might well include measures such as the resurrection of a tax on financial transactions and an increase in value added tax – although Chávez has vowed to end this tax altogether.

Also possible were alterations to the budget in line with lower expectations, and a 25% increase in the minimum legal wage, which would still leave it below inflation, the analyst said.