Venezuelan President Hugo Chavez urges urged Latin American countries to stop storing currency reserves in dollars

At the American summit, the Venezuelan President Hugo Chavez called the global financial crisis "the end of capitalism" and urged Latin American countries to stop storing currency reserves in dollars. The alliance of Latin American and Caribbean governments led by Venezuela will create a regional electronic currency. The creation of the Sucre would be endorsed at this summit and the single currency is expected to come into use on Jan. 1, 2010