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PERU’S NEW PRESIDENT FIRES MILITARY LEADERS

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Alberto Fujimori began his presidency by firing the commanders of the navy and the air force and announcing banks would be closed Monday and Tuesday to stop a run on the institutions.

At a news conference Sunday, he would not discuss the dismissals or details of the drastic measures he has promised to try to end Peru's economic crisis."The president does not have to give explanations," Fujimori told reporters on his first full day in office.

Analysts said the dismissals probably were part of an effort to impose authority over the military and in line with Fujimori's promise to fight corruption.

Fujimori said he would not give details of his economic plans, about which there is great apprehension, until Thursday or Friday at the earliest.

The economy is in collapse. Annual inflation tops 3,000 percent. Four of five people lack steady work and the government is bankrupt.

Fujimori has said he will cut price subsidies, raise taxes and privatize many state-owned companies. He also has said he would devalue Peru's inti to raise the dollar's cost.

Last week, many banks ran out of money, leaving thousands of workers unable to cash their checks. Drivers formed blocks-long gasoline lines and bread disappeared from poorer neighborhoods. Store shelves are often half-empty because merchants withhold supplies in expectation of higher prices.