Sarkozy threatens to walk out of G20

French President Nicolas Sarkozy is ready to walk out of next week’s G20 summit if no progress is achieved on curbing bankers’ bonuses, his chief of staff said on Monday.

“There must absolutely be an agreement to make things change and the president is absolutely determined on that score,” said Claude Gueant, the secretary general of the Elysee, on RTL radio.

Sarkozy will be leading a charge for tough curbs on bonus payments for bankers at the G20 meeting of the world’s major economies in the United States city of Pittsburg on September 24 and 25.

France argues that the big payouts reward the risk-taking that led to the 2008 financial meltdown.

Already, at the G20 summit in London in April, Sarkozy had threatened to storm out of the gathering and later credited this threat for an agreement on steps to clamp down on tax havens.

Sarkozy’s proposals for capping bankers’ bonuses has won support in the European Union, but Britain and the US have voiced reservations.

Asked whether Sarkozy was ready to walk out of the Pittsburg summit if no progress was achieved, Gueant said this possibility must be “taken seriously”.

“The head of state is extremely determined as he was at the G20 in London a few months ago when he pushed for his proposals on tax havens to be agreed,” he said.

The G20 summit in Pittsburg will focus on tightening global financial regulation at a time when some major economies are beginning to pull out of recession and some banks are preparing to pay out large staff bonuses. — AFP

An actual Black Friday deal

Subscribe for R2/mth for the first three months. Cancel anytime.

Subscribers get access to all our best journalism, subscriber-only newsletters, events and a weekly cryptic crossword.

Related stories

WELCOME TO YOUR M&G

Already a subscriber? Sign in here

Advertising

Latest stories

SANParks shifts to solar and spekboom

Solar-generated pumps are pumping larger volumes of water for wildlife than diesel used to, and spekboom is helping offset carbon emissions

Mandatory vaccination on cards as Ramaphosa keeps South Africa on...

Ramaphosa calls out world leaders for irrational travel bans as scientists gather evidence on new Omicron variant

South Africa’s just energy transition: A balancing act

South Africa’s transition to renewables will depend on its ability to attract sustained energy investments

Western Union suspends services in Mozambique’s Cabo Delgado

It is now considerably more difficult for Mozambicans in the conflict-hit province to use financial services
Advertising

press releases

Loading latest Press Releases…
×