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Edition: U.S. Article Save Email Print Reprints Most Popular Most Shared Chicago river poisoned to block feared Asian carp 03 Dec 2009 Somali rebels deny they carried out suicide bombing | Video 1:51am EST White House accepts some blame in gatecrasher saga 02 Dec 2009 BofA sells $19.3 billion of securities for TARP repay 03 Dec 2009 UPDATE 5-Comcast lands NBC in deal that reshapes media 03 Dec 2009 Chicago river poisoned to block feared Asian carp 03 Dec 2009 Somali sea gangs lure investors at pirate lair 01 Dec 2009 Geeks trump alpha males as algos dominate Wall St 02 Dec 2009 Europe Factors-Shares set to dip ahead of U.S. payrolls 1:17am EST Who's afraid of high-frequency trading? 02 Dec 2009 Chavez seeks to reassure on Venezuelan banks Frank Jack Daniel CARACAS Thu Dec 3, 2009 4:37pm EST Related News Chavez says Venezuela bank system to emerge stronger Thu, Dec 3 2009 Q+A-What's going on in Venezuela's bank sector? Thu, Dec 3 2009 More Venezuelan private banks targeted - Chavez Wed, Dec 2 2009 CARACAS (Reuters) - President Hugo Chavez struck a softer tone to reassure jittery investors on Thursday over the health of Venezuela's banks, and markets began to stabilize after a sharp sell-off of bonds and the bolivar currency. World With rumors swirling about stability after the government closed four failing banks, Chavez twice this week stoked fears, threatening to nationalize banks involved in malpractice or failing to aid development in Venezuela. But on Thursday he cooled his rhetoric after investors dumped Venezuelan bonds and the bolivar. Business groups and banks also released statements saying the system was solid. "The government is putting out fire ... We are fixing the problem," he said, saying both the country and the bank system will benefit from his measures. "We will all emerge stronger." His words seemed to calm investors. Prices for Venezuela's widely traded 2027 global bond on Thursday suffered their sharpest fall since August 26 in intraday trading but pared their losses later in the day. Chavez has brought many sectors of the economy, including the vital oil industry, into public hands. But he has so far shied away from a large scale takeover of finance -- apparently aware his popularity could suffer if a nationalization failed. The state closed four small private banks owned by a former government ally on Monday over concerns over their solvency, capital funding and other alleged irregularities. Opposition politicians say the collapse of the banks and the arrest of wealthy owner Ricardo Fernandez, who worked closely with the government, was a move to cover up corruption linked to ministers and friendly businessmen. "This is a government of thieves," opposition politician Henry Ramos Allup said in an interview with Reuters at his Democratic Action party headquarters. Chavez this week said authorities were monitoring another group of banks closely for possible further intervention, but on Thursday he avoided the word nationalization. 'SOLVENT AND WELL-ADMINISTERED' Venezuela's benchmark 2027 global bond first plunged 6.6 percent in early trading, hitting its lowest intraday level since July 24. The yield hit 14.783 percent, its highest since mid-July. Later, after Chavez spoke on a televised cabinet meeting, the bond pared its losses to 4.7 percent, with the yield at 14.614 percent. It has accumulated a fall of 11.1 percent since early Monday. The bolivar currency, officially fixed at 2.15 per dollar, weakened to as low as 6.2 per dollar on the parallel market, traders said -- its lowest rate in two months. The J.P. Morgan Emerging Bond Index Plus listed the yield spread between Venezuela's bonds and U.S. Treasuries 45 basis points wider, at 1215 bps, one of the world's highest. Analysts say the banking system is broadly healthy, though some fear more banks may be shut or that nervous depositors and rumors could trigger a bank run. Chavez said his enemies among Venezuela's old-guard wealth elite were deliberately trying to fan a run on banks. However, even business groups and analysts opposed to the socialist on Thursday were at pains to stress the strength of the system. Venezuela's association of private bankers said it supports the government's recent actions and that the financial system is working normally. In a poll last year, Venezuelans voted banks among the country's most trusted institutions, even though many remember bitterly a 1994 crisis that saw half the nation's banks fold, costing the government about $11 billion. "The Venezuelan financial sector is not suffering a systemic crisis. In general it is solvent and well administered. We are not revisiting the 1994 crisis," said Venezuelan think tank VenEconomia in a report. (Editing by Kenneth Barry) World More from Reuters Obama vows to tackle jobs challenge head-on WASHINGTON (Reuters) - President Barack Obama urged corporate America on Thursday to help tackle the nation's highest unemployment in 26 years but also hinted at federal tax credits and aid to states to ease jobless woes. Goldman likely to pay annual bonus in stock: report U.S. companies celebrating holiday on the cheap Prosecutors investigated Rajaratnam a decade ago: report China hints sticking to dollar despite worries Bernanke defends record in bid for second term | Video » More Top News BreakingViews: Give this man more money It may be tempting to keep Lloyd Blankfein's paycheck in the single-digit millions to avoid an uproar, write columnists Antony Currie and Rob Cox. But that would be a mistake. Commentary | Quote DealZone: Where's Lloyd? Executive Compensation Our new home We’ve rebuilt Reuters.com to make the site faster and easier to use, whether you want a quick glance at the top headlines or a longer deep dive into a topic that’s important to you. Full Article Video Tour © Copyright 2009 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Analyst Research Mobile Newsletters RSS Podcasts Widgets Your View Labs Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts.com Buyouts Europe: Buyouts Conferences: Venture Capital Journal ECVJ International Financing Review International Securitisation Report Project Finance International PEhub.com PE Week Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. 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