Chavez says Venezuela bank system to emerge stronger

Venezuela’s President Hugo Chavez said at a cabinet meeting on Thursday he ordered the government to reorganize the public banking sector, create a financial investigation agency and an early warning system to prevent banking problems in the future.

Chavez said he had ordered the nationalization of two more banks, shut down by his government to investigate alleged accounting irregularities.

The state closed four small private banks owned by a wealthy businessman and former government ally on Monday. Chavez said authorities were monitoring other banks closely for possible further intervention.