France Threatens G20 Walkout

By: Brian Montopoli
Topics: Regulation

(AP Photo/Gerard Cerles)

The BBC is reporting that "France will walk away from this week's G20 summit if its demands for stricter financial regulation are not met."

French Finance Minister Christine Lagarde said French President Nicolas Sarkozy won't sign onto an agreement if it does not include more stringent global financial regulation than either the United States or the United Kingdom want.

The G20 is seen as a crucial opportunity for world leaders to coalesce around a coordinated strategy for dealing with the economic crisis, a prospect threatened by the prospect of France walking away from the table.

Together with Spain, the Czech Republic and Germany, France is also resisting President Obama's push for governments to inject money into their economy through a stimulus package similar to the one that recently passed in the United States.

A potential compromise could lie in the European governments agreeing to some degree of stimulus in exchange for the U.S. agreeing to somewhat stricter regulation.

The Wall Street Journal reports that spokesman Franck Louvrier said Sarkozy is "determined to achieve concrete results" and suggested the French president has not made a threat to walk away.

Brian Montopoli
Brian Montopoli is the senior political reporter at CBSNews.com.
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by noobama08 April 1, 2009 5:45 PM EDT: I am sick of all the crap about Obama being so great. Do you know what O.B.A.M.A. stands for? ONE BIG ASS MISTAKE AMERICA..... Why would any other country follow us? We can't even take care of our own country. We vote in some idiot into the highest position and expect him to do something. Well, I expect him to ruin the United States, and he is already has a good start. Keep getting more and more money for bailouts. Absolutely stupid.; Reply to this comment


by aziridine April 1, 2009 12:20 AM EDT: So much for Obama's "Unity", everything this guy touches is devisive.; Reply to this comment


by JoetheDumbass March 31, 2009 11:59 PM EDT: The only major protests in the WORLD against these bank bail outs are in FRANCE!; Reply to this comment


by sjc_1 March 31, 2009 11:52 PM EDT: Other countries have every right to ask for sensible regulations. OUR banks were the ones that bundled up this trash and sent it all over the world.; Reply to this comment


by maistir March 31, 2009 5:56 PM EDT: The French have it right for once. Why pour billions into a banking and investment system that is rigged?

As things stand, investors can be kept in the dark about the ultimate destination of their funds, banks and investment advisors can gamble with investors' funds and the values placed on assets can be falsified.

Capital markets need transparency; debt needs to be based on average valuations over time; investing needs to be divorced from games of chance.

Then talk about more stimulus money.; Reply to this comment


by ghwab1949 March 31, 2009 5:21 PM EDT: So much for "friendship" with the United States. The Brits, Canadians and we should have left the cheese eating surrender monkeys in German hands.; Reply to this comment


by stevador39 March 31, 2009 4:23 PM EDT: The U.S. government is fascist. The U.S. has one party; the Republicrats. It is a military state. It is run by the wealthy and is displacing the people. Obama is continuing the Bush policies. They are trying to create hyper-inflation similar to that of Germany in 1923.; Reply to this comment


by tomadams99 March 31, 2009 4:17 PM EDT: fleelynn...You are rather obviously a rather poor reader of history, choosing to take a few incidents to call the French cowards. Many can do the same with American society and some of our less than heroic adventures. Now to the French issue...suggest you begin your reading of our own Revolutionary period. Then you may want to conclude by reading a bit about the Maquisards of France during WWII, who without their bravery, Operation Overlord very well may not have succeeded. That is D-Day in the event you have not read about that either. This venue is far to generalized to go further, but calling the French cowards is out of line.; Reply to this comment


by quickly101 March 31, 2009 4:08 PM EDT: I agree with the French President it was Bushie's bunch that failed to regulate the greed and corruption on Wall St. that brought this house of cards tumbling down. If these guys are not regulated closely they'll do it to us again in the not too distant future.; Reply to this comment


by acupuncturegirl March 31, 2009 3:23 PM EDT: What is wrong with the bloggers here? It was AND IS lack of regulation that started this whole problem.

Why would you be upset at countries that want more regulation. Its as necessary as disciplining your children. Grow up.

You should be furious with Obama and Timmy Tax Cheat for resisting decent regulations.; Reply to this comment