“LONDON — Divisions on how to fix the global economy deepened Wednesday ahead of a summit of 20 world leaders, as President Nicolas Sarkozy said France and Germany believe the summit action is too weak.
Representatives of the Group of 20 leaders negotiated through the night seeking to overcome disputes on huge spending packages, reforming the financial system and clamping down on tax havens and bonuses for corporate chiefs.
China’s President Hu Jintao repeated a call for revamping the financial system as he headed for Thursday’s summit in a tightly secured zone in London, while US President Barack Obama and Britain’s Prime Minister Gordon Brown held a breakfast meeting to fine-tune their positions on the crisis.
Sarkozy said the G20 representatives had made no agreement on the summit’s final communique despite the marathon talks.
‘Neither France nor Germany are satisfied with the proposals as they currently stand,’ said the French leader who has threatened to walk out of the summit if the measures are not bolstered to his liking.
‘I will not associate myself with a false summit that concludes with a statement of hollow compromises, that does not address the problems that we face,’ he warned.
Sarkozy told French radio that he and German Chancellor Angela Merkel had agreed that the current draft ‘didn’t add up….”
Thank God, not everyone is bending to the will of Obama. Let us pray that Obama did not take any of Geithner’s advice to Europe with him or in his zestful pretense to please give away the shop (rather what’s left of it).