which he will consolidate Venezuela's transformation into a socialist society. A few critics, however, are calling it a step towards greater authority by a leader with unchecked power. On 8 February 2007 the Venezuelan government signed an agreement to buy an 82.14% stake in Electricidad de Caracas from AES Corporation. Paul Hanrahan, president and CEO of AES said the deal has been a fair process that respected the rights of investors. In February 2007, the Venezuelan government bought a 28.5% stake of the shares of CANTV from Verizon Communications. On 30 April 2007 Chávez announced that Venezuela would be formally pulling out of the International Monetary Fund (IMF) and the World Bank, having paid off its debts five years ahead of schedule and so saving US$8 million. The debt was US$3 billion in 1999. Chávez then announced the creation of a regional bank, the Bank of the South, and said that the IMF and the World Bank were in crisis. The next day he announced intentions to re-take control of oil projects in the Orinoco Belt, which he said are "the world's largest crude reserve." These reserves, which can be exploited with modern technologies, may place Venezuela ahead of Saudi Arabia in terms of oil reserves. In May 2007, the Chavez government refused to renew the license of the nation's most popular television station, Radio Caracas Televisión (RCTV), alleging the company participated in the 2002 coup d'état. This led to many, prolonged protests in Caracas. Also, tens of thousands have marched through Caracas to support President Chávez's decision. Speech to the United Nations On 20 September 2006, Chávez delivered a speech to the United Nations General Assembly damning U.S. President George Bush. In the speech Chavez referred to Bush as "the devil," adding that Bush, who had given a speech to the assembly a day earlier, had come to the General Assembly to "share his nostrums to try to preserve the current pattern of domination, exploitation and pillage of the peoples of the world." Although it was widely condemned by U.S. politicians and the American media, the speech received "wild applause" in the Assembly, and the speech came at a time President George W. Bush's approval rating was at a low point among Americans. Subsidising heating fuel for the poor in the U.S. In 2005, President Chávez initiated a program to provide cheaper heating fuel for poor people in several