Chavez: Financial crisis 'a failure of capitalism'

Venezuelan president Hugo Chavez has called the US financial crisis a failure of free-market capitalism that could cause as much damage as “a hundred hurricanes”, driving down prices for oil and other commodities and harming economies worldwide.

Speaking to reporters as he arrived in Brazil for talks with the leaders of Brazil, Bolivia and Ecuador, Mr Chavez said Venezuela’s economy remained on a strong footing despite its dependence on oil sales to the US.