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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.