OAS chief: Capitalist system not the problem (Extra)

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Oct 30, 2008, 19:05 GMT

San Salvador, El Salvador - The secretary general of the Organization of American States (OAS) said Thursday in San Salvador that the current global financial crisis should not lead to a drastic change in the world economic system. 'I do not think the capitalist system is the problem in itself,' Chilean Jose Miguel Insulza said. Upon arrival in the Salvadorian capital to take part in the 18th Iberian American Summit, he noted that there have been 'very serious mistakes in policies and blunders' that are the responsibility of 'concrete authorities.' 'Let us not move on the philosophical level,' Insulza warned. In San Salvador, Spanish Prime Minister Jose Luis Rodriguez Zapatero spoke in favour of restructuring the International Monetary Fund to give emerging and developing countries a greater say.

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