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G20 summit if no progress is achieved on curbing bankers' bonuses,
his chief of staff said 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 US 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 United States have
voiced reservations.
