MOSCOW, November 14 (RIA Novosti) - Venezuelan President Hugo Chavez has said that Spanish King Juan Carlos should apologize to Venezuela and Latin America for telling him to shut up, Spain's Europa Press reported on Wednesday.

On Saturday, during the closing ceremony of an Iberia-Latin America summit, Chavez called ex-Spanish premier Jose Maria Aznar a fascist. The Spanish king subsequently weighed into the quarrel, telling Chavez to 'shut up'.

In scolding Chavez, King Juan Carlos reportedly opted to use the informal 'you,' usually used when speaking to close friends or children in Spanish.

Before the unusual royal intervention, Spanish Prime Minister Jose Luis Rodriguez Zapatero had asked Chavez to show respect for other political leaders.

Commenting on the remark back in Caracas, Chavez said he was surprised by Zapatero's reaction to his statements about Aznar, adding that it was like "German Chancellor Angela Merkel standing up for Adolf Hitler".

Chavez said that, "The king should at least apologize, and tell the truth".

Chavez also said Spanish investment in Venezuela, a former Spanish colony, was "not indispensable". However, he said he hoped the incident would not affect economic cooperation.

Spain is a major investor in the Venezuelan economy.

Chavez is known for his harsh statements regarding world leaders. He once called George Bush "the devil" at the United Nations.