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LAEC: Nicaraguan Privatizations
are Disastrous
The Latin American Economic
Commission lashed at the
privatization of Nicaraguan
banking, telephone and
electricity services over the
past 16 years.
El Nuevo Diario daily echoed a
LAEC report that terms
unsuccessful the privatization
for five banks control 90 to 95
percent the assets.
Telecommunications are even
worst for private control
replaced public monopoly,
leaving Nicaragua with one
single phone operator while
Costa Rica is regional telephone
leader with state-run services.
Electricity, controlled by
Spanish transnational Union
Fenosa for over two years, rose
the tariffs 30 percent but
services are a disaster and the
company blames generation
plants, also privatized.
Julio Cesar Bendana, director of
Market Competence and
Transparence, said the real
problem is that Nicaragua
privatized before creating laws
of competence when it should
have done otherwise.
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