From Correspondent Lucia Newman

OPORTO, Portugal (CNN) -- The worrisome state of the world's economy is at the top of the agenda as the leaders of Spain, Portugal and Latin America gather for the annual Ibero-Latin American summit in Oporto.

The deepening international financial crisis is threatening to drag down Latin American economies and with them those of industrialized nations such as the United States. In response, the leader of the Western hemisphere's only communist country, Cuba's Fidel Castro, came forward with something of an I-told-you-so.

"We are living a moment in which we don't know if we're nearing the end of history as we know it -- at least the end of that idyllic capitalism, the end of that economic order," Castro said.

Other regional leaders, however, maintain their faith in capitalism. But while applauding the recent drop in U.S. interest rates, they are demanding that developed nations take more responsibility for a crisis, which they say Latin Americans didn't create but from which they are nonetheless suffering.

Cuban President Fidel Castro, left, and Colombian President Andreas Pastrana

"What we need is a more active, a more dynamic attitude from the industrialized nations -- a strong political leadership," said Chilean President Eduardo Frei.

Economics isn't the only item on the summit's agenda. The Ibero-American leaders also focused on Latin America's longest-running guerrilla war in Colombia, giving their unanimous support to attempts by that country's new president, Andreas Pastrana, to launch peace negotiations.

"For the first time, 21 countries are willing to help Colombia. We know that we need the cooperation of other countries. And I think that all this international support is going to definitely, for us, be very, very important," Pastrana said.

The summit is to conclude Sunday night.