* Reforming groups insufficient, Ecuador president says

* Draft finance reform proposals to be adopted on Friday (Adds quotes from economist Stiglitz)

By Walter Brandimarte

UNITED NATIONS, June 25 (Reuters) - Ecuador's left-wing President Rafael Correa blamed capitalism on Thursday for the global financial crisis, suggesting at a U.N. conference that the International Monetary Fund and World Bank be abolished.

Criticism of the IMF and other so-called Bretton Woods institutions established during World War Two has become a running theme at a three-day meeting of the U.N. General Assembly on the crisis.

"Patching up the Bretton Woods system, which we do not control, makes no sense for (developing) countries," Correa said in a speech on the second day of the conference.

Reforming the IMF and World Bank "would be an insufficient stopgap solution," he said, adding that "we are faced with a crisis unlike those (previously) provoked by capitalism."

If the Bretton Woods institutions cannot be abolished, he said, then they should be changed and given less authority over the world's poor countries. More financial decision-making power, Correa said, should go to the United Nations instead.

Cuban Trade Minister Rodrigo Malmierca Diaz had said on Wednesday that the IMF and World Bank had "impoverished" nations around the world and should be scrapped.