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courtesy of Timesonline

 

“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…

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