Managua, Nicaragua (CNN) -- Daniel Ortega marked the beginning of his third term as Nicaragua's president during an inauguration ceremony Tuesday -- an event both buoyed by his pledges of moderation and marred by months of discord over voter irregularities. 

The Nicaraguan leader pledged that his socialist government would continue efforts to promote peace and attack poverty. 

"Savage capitalism, it is no longer possible. There is no space on this planet for savage capitalism," Ortega said in a wide-ranging inauguration speech that touched on a international events, including war in Afghanistan, last year's earthquake in Japan and the killing of former Libyan leader Moammar Gadhafi. 

Shortly after taking his oath of office, Ortega hugged Venezuelan President Hugo Chavez and Iranian President Mahmoud Ahmadinejad, who were among a number of dignitaries at the ceremony. 

"People have tried to give many interpretations to the visit of (Ahmadinejad). I think they still don't understand that it is necessary to look for an authentic path toward peace," Ortega said during his inauguration address, stressing that it was within Iran's right to use nuclear technology for energy needs. 

"They cannot deny that right to any people," he said. 

Ahmadinejad's Latin American tour 

Ortega is known as a Venezuela ally, had been a public supporter of Gadhafi and remains a stalwart U.S. critic. 

In his speech Tuesday, the Nicaraguan president decried Gadhafi's killing. 

"A head of state in Libya was assassinated in the most brutal manner, with some television media basking in the crime. If there were accusations, it was logical to detain him," he said. 
What happened to that guy?
killing