Iran Warns about Global Dependence on US Economy

A04090033.jpgTEHRAN (FNA)- Iran urged the world to reduce dependence on American economy amid concerns that the US financial meltdown may cause a global crisis.

Iran’s Foreign Minister Manouchehr Mottaki said Thursday, that the current financial system of the world needs to be changed.

“Other parts of the world should reconsider the dependence of their economy and financial and monetary systems on one significant country like the United States,” Mottaki told a press tv correspondent.

He said the world has entered a new age, adding that it is time that old financial systems based on treaties agreed to after World War II were reformed and adapted to the realities of a new world.

Amid growing concerns over the global impact of the failing US economy, analysts believe that Iran will not be directly affected.

Mehdi Taqavi, an Iranian financial analyst, told the Islamic republic news agency that the US economic crisis would not significantly affect Iran’s economy; rather it would hurt the countries linked closely to the US economically.

Arab and Persian Gulf countries who have been investing in US financial markets could be distressed because their foreign investment revenue might plunge following the fall of the stock market in America, Taghavi added.

The US financial crisis has spread to the European and Asian markets as well.

The US Senate Wednesday approved a USD700 billion bailout package that is intended to save the failing economy from collapse.

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