World has turned into a giant casino: Brazil president

New Delhi, Oct 15 (IANS) Brazilian President Luiz Inacio Lula da Silva Wednesday did not mince words when he attacked a handful of rich countries and speculators for triggering the financial crisis by making the world into 'a gigantic casino.'

'Why should we become victims of an international financial crisis created by rich countries?' the flamboyant Brazilian president said in his opening remarks at the third IBSA (India-Brazil-South Africa) summit.

'The irresponsibility of speculators has transformed the world into a gigantic casino,' Lula said while calling for 'a new international financial architecture' to deal with crises like the current global meltdown.

Lula's 'casino' remarks turned out to be a big draw with the ministers, diplomats and select journalists who had gathered to attend the plenary of the third IBSA summit.

Lula, the driving force behind the IBSA initiative, hosted the first IBSA summit in Brasilia in 2006 and has attended all the three summits so far. Brazil will host the fourth IBSA summit next year.

The IBSA, a tri-nation grouping comprising India, Brazil, South Africa, brings together three powerhouses of Asia, Africa and Latin America who have common positions on global issues like the UN reforms, climate change, multilateral trade and security.