German minister: Bankers have to pay for the crisis

German minister: Bankers have to pay for the crisis
# 31 August 2009 16:21 (UTC +04:00)
Baku– APA-Economics. Germany’s finance minister wants bankers to pay for the financial crisis, according to a letter sent to his G20 counterparts ahead of a September 4-5 meeting in London seen by AFP on Monday.
’The broad majority of our citizens - who are not among those responsible for the crisis - now face enormous financial burdens,’ Peer Steinbrueck said in the letter dated August 27.
’It is therefore of central importance that we arrive at a fair distribution of the burdens arising from the crisis and, in particular, that we enlist those who triggered the crisis in financing of these burdens as well,’ he said.
’I would like to discuss with you how we can bring the financial markets to make a greater, internationally coordinated contribution to financing the immense burdens of the crisis.’
Mr Steinbrueck also called on the meeting of finance ministers from the Group of 20 in London to discuss international rules to facilitate the insolvency and liquidation of large banks in the event of another crisis.
He also called for closer scrutiny of bankers’ pay and better international coordination on ’exit strategies’ from the massive stimulus efforts unrolled by governments around the world.
The London meeting comes ahead of a summit of G20 leaders in the US city of Pittsburgh on September 24-25. Source: AFP
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