Iran blames west for financial crisis

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Source: CCTV.com | 03-12-2009 08:58

Iran's president Mahmoud Ahmadinejad has blamed the West for the global economic meltdown. The president says capitalism has failed.

Ahmadinejad was speaking at the opening of the Economic Cooperation Organization summit in Tehran.

Iranian President Mahmoud Ahmadinejad (centre) chairs the opening session of the summit of the regional  Economic Cooperation Organisation (ECO) in Tehran. (AFP/Atta Kenare)

The meeting brings together 10 regional countries including Iran, Afghanistan, Turkey, Pakistan and Uzbekistan.

The Iranian leader called for a new world economic system to replace capitalism, but did not provide any details.

Ahmadinejad also called for greater regional economic integration. He urged member states to establish a bank that would promote trade.

Editor:Zhang Pengfei