Iran blames US 'hegemony' for financial crisis | World News - Hindustan Times
close_game
close_game

Iran blames US 'hegemony' for financial crisis

None | By, Astana
Oct 16, 2008 03:41 PM IST

Iran blamed the United States for triggering global financial meltdown, saying the "hegemonic" nature of the US economy affected other economies.

Iran blamed the United States on Thursday for triggering global financial meltdown, saying the "hegemonic" nature of the US economy affected other economies. 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 U.S. economy on world finances.

HT Image
HT Image

"The economic crisis in America had an immediate impact on the economies of other countries," said Mottaki.

Hindustan Times - your fastest source for breaking news! Read now.

"We believe that this (crisis) was caused by moves to impose one hegemonic economy on all the other economies."

Iran is at loggerheads with the United States and other Western nations over its nuclear programme which Tehran says is for peaceful purposes but which the West fears is aimed at developing atomic weapons.

OPEC-member 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 disagree, saying 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."

Unlock a world of Benefits with HT! From insightful newsletters to real-time news alerts and a personalized news feed – it's all here, just a click away! - Login Now!

Get Latest World News along with Latest News from India at Hindustan Times.
SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Thursday, March 28, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On