Venezuelan President Hugo Chavez railed against the G-20 summit held in London to deal with the financial crisis, saying that the "values of capitalism are in crisis," and capitalism "has to end."
Speaking to Venezuelan state television late Thursday, Chavez said the United States and England are "the most guilty" for the financial crisis sweeping the globe because of the financial model "they've been imposing for years."
"It's impossible that capitalism can regulate the monster that is the world financial system, it's impossible," Chavez said. "Capitalism needs to go down. It has to end. And we must take a transitional road to a new model that we call socialism."
Chavez belittled the G-20 summit's efforts, and said the International Monetary Fund must be eliminated.
The Venezuelan leader's comments came during a trip to Iran.