Tue, 07 Oct 2008 14:53:04 GMT

The Palestinian movement Hamas says the Jewish lobby in the United States is responsible for the current financial crisis in the world.

The crisis was the result of "bad administrative and financial management and a bad banking system put into place and controlled by the Jewish lobby," Israeli daily Ha'aretz quoted Hamas spokesman Fawzi Barhum as saying in a statement.

The Jewish lobby 'controls the US elections and defines the foreign policy of any new administration in a manner that allows it to retain control of the American government and economy', the statement said.

Barhum further cast doubts on President George W. Bush's $700 billion bailout plan, saying the US government was ignoring the role of 'the Jewish lobby that put the US banking and financial sector into place'.

Last week, the US Senate approved the bailout bill to provide $700 billion to buy bad assets from banks and other institutions to shore up the financial industry.

However, Americans, as well as experts, are skeptical that the plan will do anything to save the US from impending economic disaster.

The International Monetary Fund (IMF) warned in its latest economic outlook report on Tuesday that the turmoil was likely to worsen in many countries, adding that it could spread from the financial sector to other sectors.

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