The European Union needs a 'whole system change' to recover from the debt crisis it is facing as its economic troubles are an outcome of 'corrupt capitalism,' an economic expert tells Press TV.
“It [The EU and Greece in particular] needs a whole change of the system,” said British economic commentator Shabbir Razvi in a recent interview, adding that, it requires 'bold steps.'
"Bold steps meaning that the whole capitalism; the crisis of capitalism has to be seen from the perspective that capitalism stinks because it is corrupt. It has corrupted the politicians; it has corrupted the whole society by way of bankers having the final say as to what happens in each of the countries and Greece is a very good example whereby the bankers are trying to have their way,” the London-based economist said.
He went on to say the whole problem with capitalism is that “capitalism awards greed and the greedier the bankers become, the more bonuses they get, the more higher salaries they get, which in turn corrupts the whole system because the politicians are having Jolly knees-ups at the banker's parties.”
On Sunday, Iran's President Mahmoud Ahmadinejad also denounced Western capitalism in his opening speech at the Islamic Awakening and Youth conference in Tehran, saying that the Western capitalism is on the verge of collapse, and that the world should find an alternative system that guarantees amity and justice.
