France Threatens to Walk Out of G20 Summit

France has threatened to walk out of this week’s scheduled G20 summit in London if their demands for stricter financial regulations in the global market are not established.

Talks concerning financial regulations are expected to be a priority during the G20 summit and French President Nicolas Sarkozy is said to be prepared to walk away if “the deliverables are not there.”

While Sarkozy has pushed for tougher global regulations both U.S. President Barack Obama and UK Prime Minister Gordon Brown have expressed caution about just how far the regulations should go. Despite assurances that the G20 summit would push for a solution to the economic troubles there has been obvious friction between several participants.

Much of the blame has been placed on the U.S. and its plans for extensive spending as a means of pulling out of the financial crisis. That action has angered many in Europe who have called the spending irresponsible and would only make matters worse.

The G20 participants are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the UK, the US and the EU. 

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