Ahmadinejad: Capitalist economy breathes hard

Tehran, March 11, IRNA -- Iran’s President Mahmoud Ahmadinejad said the capitalist economy breathes hard.

The president made the remark in the opening ceremony of the 10th summit of the Economic Cooperation Organization currently underway in Tehran with participation of heads of state and top officials form member states.

Commenting on the world economic situation, the Iranian president said despite the huge efforts undertaken to save the capitalist economy, there is only the smallest hope for the survival of such a doctrine in present global situation.

Ahmadinejad, who took over ECO presidency from Azerbaijan, also said the theories and the apparatus which have contributed to creation of the present financial crisis could not be of any use or effect on the trend.

He believed the present global situation of the capitalist economy was the result of the same approaches and measures adopted by the advocates of this particular doctrine during the past decade.

The 10th Summit of Leaders of the ECO states kicked off in Tehran Wednesday morning.

The 18th ECO foreign ministerial meeting was held in Tehran on Monday morning to prepare the grounds for the ECO Summit.

Economic Cooperation Organization is an intergovernmental international organization involving ten regional nations.

Afghanistan, Azerbaijan, Iran, Kazakhstan, Kyrgyzstan, Pakistan, Tajikistan, Turkey, Turkmenistan and Uzbekistan are the ECO member states.

The summit will review the world’s financial crisis and ways to face the economic challenges.

It will also discuss the techniques to accelerate the implementation of agreements among the ECO member states and drug trafficking campaign./end