Brazilian President Luiz Inacio Lula da Silva said Friday that the rich countries' financial system is "a bit rotten", Xinhua reported.
In the inauguration ceremony of a steel company in Rio, Lula criticized Europe's poor efficiency in taking necessary measures to solve the Greek debt crisis.
"If Europe had solved Greece's problem sooner, it would not have got to Portugal, Spain and Italy." Lula said.
According to Lula, if the European countries had taken actions earlier, the escalation of the European financial crisis could have been avoided.
Lula also criticized the United States, which, he said, could have avoided the breakdown of the Lehman Brothers bank in 2008.
The Brazilian president complained of the fact that many countries did not follow the resolutions made at the G-20 meeting, especially the injection of financial resources into the International Monetary Fund by rich countries.