Special Report: Global Financial Crisis
SAN SALVADOR, Oct. 30 (Xinhua) -- The theme of this year's Ibero-American
summit being held here, "Youth and Development," was overshadowed at Thursday's
plenary session by the global economic crisis.
Worries over financial problems topped the agenda as participants at the
session reflected on the current economic crisis.
"It is the failure of a model established at the end of the 80s,which
dominated the international stage during the 90s, known as neo-liberalism or
Washington Consensus," said Argentine President Cristina Fernandez.
Spain's Prime Minister Jose Luis Rodriguez Zapatero said Ibero-American
countries must provide an international answer to contribute to the new
international financial order, which should incorporate control and transparency
"The international financial system must be useful for the economy, not for
speculation and greed," Zapatero said.
Zapatero urged the International Monetary Fund (IMF) to boost the world
economy and help mitigate the economic crisis with stable policies, better
control and transparency.
President Luiz Inacio Lula da Silva of Brazil called for voice of the
poorest countries to be heard under the new global economic order.
This new order must be balanced by "international coordination" and it must
take developing countries into account, because that is the only way it will be
fair, said Lula.
Bolivian President Evo Morales echoed Lula, saying that the current
economic crisis is a crisis of capitalism, and called for a "more democratic
Morales criticized the "capitalist system" and said it should take
responsibility for the crisis in the economic, food and environmental sectors.
When experts talk about tackling the financial crisis, they refer to saving
capitalism, but that is not the solution, said Morales. "The financial problems
are due to capitalism," he reiterated.
Before the plenary session convened, the general secretary of the
Organization of American States (OAS), Jose Miguel Insulza, said the countries
of the region are reaching consensus on combating the impact of the
international financial crisis.
"This shows the need to establish a new international financial order," he
The three-day 18th Ibero-American summit is due to end Friday with the
signing of some agreements, including the Ibero-American Cooperation and
Integration Plan for Youth.