Lula slams developed nations for turning world into financial casino

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New Delhi, Oct 15 (UNI) Brazilian President Lula Da Silva today slammed developed countries for turning the world into a ''casino'' and triggering a financial crisis and called for a new world economic order.

Speaking at a joint press conference alongwith Prime Minister Manmohan Singh and South African President Kgalema Petrus Motlanthe after their Summit meeting here, Mr Lula called for measures by developed countries to ensure that the current financial crisis did not reach developing nations.

''Why should we become victims of an international financial crisis created by rich countries...The irresponsibility of speculators has transformed the world into a gigantic casino...Why shoul we participate in this financial casino,'' he asked.

Calling for a new political and economic world order, he said that as emerging economies, the three countries had to assume the responsibility of defining a new world order in political and economic fields.

The Brazilian President dismissed apprehensions of any major impact of the current global financial crisis on the economies of the three countries.

''Our economies are stable. We have surplues reserves of hard currency...We have full control over our financial systems...,'' he said.

He, however, stressed the need for being ''more bold and determined'' and establishing much more understanding to increase trade flow and enhancing domestic markets.

''We have decided it is necessary to call for urgent meeting of our Finance Ministers, Trade and Investment Ministers and Governors of our Central Banks to assume a joint position. This call is very urgent,'' he added.

He asked the European Union (EU) countries to take immediate steps so that they crisis did not reach developing countries. He also called for ''surveillance and supervision of the financial system.

''It may affect emerging countries. Therefore, we need to diversify trade ties...We must take care of our domestic economy and markets,'' he added.

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