2008-10-05 21:00:29 UTC
MEXICO CITY (AFP) — Mexican tycoon Carlos Slim, one of the world's
richest men, said Tuesday that China should lead rescue efforts for
the US financial crisis, and that worldwide stock markets needed
"China is now the most important country to help responsibly in this
crisis," Slim told journalists at a meeting in Mexico City.
"China has great liquidity, large resources, surpluses in its current
accounts and a lot of capital flow," he said.
"There is a systematic crisis in the whole financial system and the
problem is that everything is interconnected."
Slim, who has said the current crisis is the worst since the 1929 Wall
Street crash, called for improved rules for world financial markets.
"Not more rules but better ones, not more regulation but better
regulation," said Slim, whose fortune is estimated at 60 billion
dollars according to Forbes.
The billionaire, whose activities represent around six percent of
Mexico's gross domestic product, also said that Latin American and
other developing countries could help the United States through the
"In the past, developed countries had reserves and financed developing
countries, while today developed countries, especially the United
States, are being financed with resources from developing countries,"