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My Profile Top News Reuters top ten news stories delivered to your inbox each day. Subscribe You are here: Home > News > International > Article Home Business & Finance News U.S. Politics International Technology Entertainment Sports Lifestyle Oddly Enough Environment Health Science Special Coverage Video Pictures Your View The Great Debate Blogs Weather Reader Feedback Do More With Reuters RSS Widgets Mobile Podcasts Newsletters Your View Make Reuters My Homepage Partner Services CareerBuilder Affiliate Network Professional Products Support (Customer Zone) Reuters Media Financial Products About Thomson Reuters Iran says capitalism on verge of collapse Wed Mar 11, 2009 10:35am EDT Email | Print | Share | Reprints | Single Page [-] Text [+] By Zahra Hosseinian and Parisa Hafezi TEHRAN (Reuters) - Iranian President Mahmoud Ahmadinejad told regional leaders on Wednesday that the capitalist system was close to collapse. Opening a one-day summit of the 10-nation Economic Cooperation Organization (ECO) including Turkey, Pakistan and other neighbors, he also suggested a single currency should be used in trade between members. "After the collapse of the closed socialist economy, the capitalist economy is also on the verge of collapse," Ahmadinejad said in a speech. "The liberal economy and the free market have failed," he said, pointing to the use of "thousands of billions of dollars" to bail out Western banks and companies. Like other big oil producers, Iran is facing falling revenue after crude prices plunged about $100 a barrel from a peak of $147 in July, hurting its main source of income. It is also struggling with double-digit inflation. Iran, Turkey and Pakistan are the founding members of ECO, which was set up in 1985 and now includes seven other regional nations, Afghanistan among them. The Tehran meeting is expected to discuss ways to boost trade and economic cooperation in a region which boasts major energy resources. Ahmadinejad made a series of recommendations, including currency cooperation. "The process of obtaining one single currency in the trade and exchanges among members, and in the next stages with other countries and neighbors, should be designed," he said. CRISIS INTO OPPORTUNITIES Turkish President Abdullah Gul said he believed regional countries had the potential to turn the economic crisis into opportunities, with its natural and other resources. He called for a lowering of regional customs tariffs to boost trade and increased transport and energy cooperation. Afghan President Hamid Karzai said the narcotics trade was hurting Afghanistan's economic and social development and asked ECO to help in fighting the problem. Afghanistan, which produces 93 percent of the world's heroin, has been ravaged by decades of civil war and a U.S.-led international coalition is currently battling Islamist Taliban insurgency in the Central Asian state. Analysts say combating drugs is one area where Iran, which shares a long border with Afghanistan, share an interest with its old foe the United States. Continued... View article on single page Share: Del.icio.us Digg Mixx Yahoo! Facebook LinkedIn Next Article: U.S. and Iranian wrestlers get to grips in sign of thaw also on reuters Is Apple developing a touch-screen PC? Analysts: The state of al Qaeda Slideshow Slideshow: The power of coal and those who work it More International News Teenage gunman attacks German school, kills 15 North Korea accuses U.S. of plotting attack Anti-narcotics drive fuelled drug cartels: U.N. Former Saddam aide jailed for 15 years China navy officers harangue U.S. over sea spat | Video More International News... 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