Region | Iran
Iran: 'Hegemonic' nature of US economy triggered global crisis
The "hegemonic" nature of the US economy fostered the global financial crisis, Iran said on Thursday.
- Agencies
- Published: 13:50 October 16, 2008
Astana: The "hegemonic" nature of the US economy fostered the global financial crisis, Iran said on Thursday.
Speaking on the sidelines of a conference in Kazakhstan, Iranian Foreign Minister Manouchehr Mottaki said it was time to set up a "fair international financial system" to curb the impact of the US economy on world finances.
"The economic crisis in America had an immediate impact on the economies of other countries," said Mottaki.
"We believe that this (crisis) was caused by moves to impose one hegemonic economy on all the other economies."
Iran says it would survive the global crisis better than others because its economy had grown more independent since the 1979 Islamic revolution.
But economists say Iran cannot stay immune from a possible world economic downturn because of its reliance on oil revenues to fund its budget.
"Unfortunately only one economy in the world continues to receive revenue even when other parts of the world are suffering from the crisis," Mottaki said, referring to the United States.
"We believe the only way out of this is to set up a fair international financial system."
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