Venezuela’s Chavez slams results of G20 summit

RIA Novosti
Friday, April 3, 2009

Venezuelan President Hugo Chavez has harshly criticized the plans to overcome the global financial crisis announced by G20 leaders after their summit in London.

“I did not expect that such unreasonable and silly decisions would be taken at the G20 summit,” said in a telephone interview with Venezolana de Television.

The leaders who met in London on Thursday agreed to allocate $5 trillion by the end of 2010 to resolve the global economic crisis, with one-fifth of the funds going to the International Monetary Fund and other financial institutions.

Speaking during a visit to Iran, Chavez said the decision to give the money to the IMF was senseless and would only make things worse, going on to criticize declarations of increased financial regulation.

“At the summit there was a lot of talk about strict regulation of financial markets, but they are worth nothing. You have to understand, it is impossible to regulate the financial monster spawned by the capitalist system,” Chavez said.

According to an aide, Russian President Dmitry Medvedev, who was among the leaders of industrial and developing countries at the summit, welcomed the decision to inject funds into the IMF, but said such a move should be contingent on reform of it and other international financial institutions.

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