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Sarkozy calls for worldwide bonus rules

Sarkozy calls for worldwide bonus rules

President Nicolas Sarkozy is urging other countries to follow France's example and limit bonuses handed out to bank traders to avert the kind of risk-taking blamed for fueling the financial crisis.
Sarkozy also says that current world governance systems such as the Group of Eight are "stupid" and that they should be broadened to include poorer nations.
Sarkozy was speaking to French ambassadors Wednesday in an annual foreign policy speech ahead of a Group of 20 summit of leading rich and developing countries in Pittsburgh next month.
Sarkozy says France will ask other summit participants to follow France's lead on bonuses. French banks agreed Tuesday to change the way they hand out bonuses and punish traders who lose money for their banks.


Updated : 2021-04-18 08:13 GMT+08:00