Economy Latin American leaders admitted that the financial crisis in the United States may be one of the worst in history, amid appeals for calm and for strengthening the regional financial system, DPA reported.

"Nobody knows the scope of this economic crash. I believe that the financial crisis will be worse than that of 1929 and will affect the whole world," said Venezuela's President Hugo Chávez.

He also predicted that oil prices will fall to a range between USD 80 and USD 95 a barrel, during a summit in Manaos, which was also attended by the presidents of Ecuador, Rafael Correa; Bolivia, Evo Morales; and Brazil, Luiz Inácio Lula da Silva.

Chávez urged South American nations to enforce the Bank of the South. "We cannot lose not even one day in order to implement it."

The agency is expected to start operations this year with an initial capital stock of USD 7 billion, USD 6 billion out of which will be provided by Argentina, Brazil and Venezuela, USD 2 billion each.

During the summit, the governments of Venezuela and Brazil executed seven agreements and memorandums of understanding.