MANAUS, Brazil (AP) -- Venezuelan President Hugo Chavez is calling the U.S. financial crisis a failure of free-market capitalism. Chavez also says that "the Washington consensus has collapsed" and that economies worldwide could be harmed if it causes drops in the prices of natural resources including oil and other minerals.
Chavez likens the effect internationally to "a hundred hurricanes." But he says Venezuela's economy remains on good footing despite its dependence on U.S. oil sales.
Chavez spoke to reporters Tuesday on arrival in Brazil for a summit with the presidents of Brazil, Bolivia and Ecuador.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or email@example.com.