Chavez says foreign reserves shifted to Europe

Venezuela has moved its central bank foreign reserves out of US banks, liquidated its investments in US Treasury securities and placed the funds in Europe, Venezuelan President Hugo Chavez said on Friday 30 September.

"We've had to move the international reserves from US banks because of the threats," from the US, Chavez said during televised remarks from a South American summit in Brazil.

"The reserves we had (invested) in US Treasury bonds, we've sold them and we moved them to Europe and othe