Venezuelan President Hugo Chavez on Friday ridiculed the G-20 summit's attempts to deal with the global financial meltdown, saying that capitalism is in crisis and must end.
Chavez criticized the G-20 nations' pledges of more than a trillion dollars for lending to struggling countries at Thursday's summit in London, calling it "the same medicine that's killing the patient - a trillion dollars ... more money for a bottomless pit."
Speaking during a visit to Iran, the Venezuelan leader said the plans by the Group of 20 industrial and developing countries would strengthen "one of the great guilty ones behind the crisis: the International Monetary Fund."
The IMF and the World Bank are "tools of imperialism" and must be eliminated, Chavez said.
In earlier remarks, he also blamed the United States and Britain, calling them "the most guilty" for the financial crisis sweeping the globe because of the financial model "they've been imposing for years."