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Merkel disappointed with G20 commitment
Photo: DPA

Merkel disappointed with G20 commitment

Published: 04 Nov 2011 17:26 GMT+01:00
Updated: 04 Nov 2011 17:26 GMT+01:00

German Chancellor Angela Merkel warned on Friday that the G20 summit may break up without agreeing a much needed financial boost for Europe's rescue fund for indebted countries.

“There really are hardly any countries here that said they will join” the European Financial Stability Facility (EFSF), Merkel told reporters at the summit in Cannes, France according to Bloomberg News.

The heads of other leading industrial countries were apparently reluctant to commit extra cash to Europe's bailout fund without knowing more details about Greece's position ahead of a no-confidence in the Greek parliament on Friday.

“The worst thing to do would be to try and cook up a number without being clear who was agreeing to what,” British Prime Minister David Cameron said. “The job of the IMF is to help countries in distress, not to support currency systems.”

French President Nicolas Sarkozy said it may take until February for a deal to be finalized.

But Merkel was more positive about the discussions on reining in excesses on the financial markets. “We can be very satisfied with the results of financial market regulation,” she said according to the website of Der Spiegel news magazine.

Though details are still to be worked out, the G20 agreed that the world’s 29 largest banks would have to show they have more capital before making risky investments. This is meant to preclude a repeat of the Lehman Brothers investment bank

bankruptcy in 2008.

The Local/bk

The Local (news@thelocal.de)

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Your comments about this article

01:21 November 5, 2011 by Christine1
Why ask members of the G20??? The only real global player is China these days ;-(
02:05 November 5, 2011 by Joseph Thomas
No kidding. The rest of us are just bat boys and girls.
04:23 November 5, 2011 by derExDeutsche
Yes, we obviously need more fingers in the Capitalism Machine.

'the G20 agreed that the world¦#39;s 29 largest banks would have to show they have more capital before making risky investments.'

is that so? how long do you think it will take the Investments Firms to shed its banking operations to escape regulation?

Has George Soros found a new career writing articles for thelocal?

1. Interest Rates have been far too low for far too long.

2. US policy of subsidizing home ownership needs end.
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