Venezuelan President Hugo Chavez is planning to hold his own summit to counter a meeting of the so-called Group of 20 industrialized and developing countries this weekend in Washington, the Associated Press reported.
Chavez says he'll invite the Bolivarian Alternative for the Americas trade bloc, known as ALBA, and members of the Petrocaribe oil initiative to discuss the world financial crisis.
The two groups include more than 18 Caribbean and Latin American nations.
Chavez gave no date for his summit.
He accused the Group of 20 Friday of ignoring the world's smaller countries and said its meeting to address the global financial crisis won't likely produce any real solutions to the economic "hurricane" the U.S. has caused.