G8 MEETING Steinbrueck sees no agreement on hedge funds code during summit |
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Fri, 18 May 2007 12:25
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POTSDAM (Thomson Financial) - German Finance Minister Peer Steinbrueck said he does not expect the G8 Finance Ministers to reach any agreement on a hedge funds code of conduct during their summit meeting today and tomorrow.Speaking to reporters ahead of the meeting of finance ministers of the eight industrialised nations, Steinbrueck said: 'I think it is possible (to reach an agreement). But an agreement is not possible in the coming weeks, nor in the next 24 hours. In the coming months, however, it is possible.'He said the issue has been on the agenda of the finance ministers since their last meeting in Essen in February.He also said he does not expect an agreement on the matter will be reached during the June summit meeting of the eight heads of states of Germany, US, UK, France, Canada, Italy, Japan and Russia.Steinbrueck's comments indicated he is bent on pushing through the initiative he started on the hedge funds code of conduct despite opposition from the US and the UK.marilyn.gerlach@thomson.commog/vlbCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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ECOFIN EU presidency's Steinbrueck says hedge funds must be more transparent 