Hugo Chavez says that G-20 summit in Washington is a waste of time, because it excluded the poor and is hosted by the people who caused the problem.

"Really, I don't know what they are going to do in Washington, the host is to blame," Chavez said, referring to Saturday's meeting of the world's 20 richest countries to tackle the problems of world economy.

"They are going to waste their time," Chavez said in a television speech to supporters.

Chavez also suggested that he will host his own meeting of Latin American nations in Caracas to deal with the financial crisis.

Members of Chavez's Petrocaribe alliance, which can buy Venezuelan oil with subsidized financing, and his Alba trade bloc, which was conceived as an alternative to a hemispheric free-trade deal proposed by the US, will be invited to the meeting, Chavez said.

SG/HAR