New York (IANS): An international network advocating the abolition of debt of third world countries has said the Nov 15 G-20 summit on the economic crisis in Washington protects only the interests of the major creditors.

"The meeting that was intended to find a global solution to the current crisis was not held in the context of the UN but in the limited context of the G20" said the Committee for the Abolition of Third World Debt.

"The G-20 summit that brought together major industrialised and emergent countries in Washington November 15, 2008 is a dismal failure," it said.

At the initiative of US President George W. Bush, leaders of the G-20 countries including Indian Prime Minister Manmohan Singh, met in Washington Nov 14-15 to discuss the current economic crisis.

"The very promoters of an unfair and unsustainable model are asked to rescue this model. The solutions that were put forward protect the interests of major creditors. Populations and poor countries as usual were not consulted", the committee said.

"The demons of the past are still with us" it said, adding that the summit showed that the leading economies did not take lessons from their past experiences.

The International Monetary Fund and the World Bank, though further delegitimised by the failure of the measures they have enforced for 25 years, are still at the heart of the proposed solutions, the committee said.

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