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Sarkozy urges bonus cap restriction

(Xinhua)
Updated: 2009-09-24 07:25

PARIS: French President Nicolas Sarkozy promised to push forward restriction on bankers' bonus at the upcoming Group of 20 summit in Pittsburgh, the United States, calling for sanctions against those uncooperative countries, in a French television interview aired on Wednesday night.

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The heads of the 19 richest countries plus the European Union will meet in the US city of Pittsburgh on Thursday after attending the UN general assembly.

The agreement over bankers' bonus cap has not been reached yet, Sarkozy suggested the bonus cap should be discussed even "in brawl " to be settled down.

France's position was clearly to set caps for bankers' bonus, Sarkozy said, "based on, for example, a percentage of turnover or a fixed amount." The Europe has gotten accord with France and Germany on the issue, but considering the reservation of the United States, there still is "a long way to go."

As to tax avoidance, Sarkozy called for an end to tax havens. " Tax havens, banking secrecy, that's all over," he said. "I will fight for sanctions tomorrow in Pittsburgh."

Early this month, Sarkozy along with German Chancellor Angela Merkel and British Prime Minister Gordon Brown wrote a joint letter to the chairman of the European Council, demanding a united voice of EU over restriction of bankers' incomes and strikes upon tax havens.