German Finance Minister Peer Steinbrück Correspondent confirms Russian tanks in Gori ...
Kiefer out of Wimbledon ... has warned that the current financial crisis could cost the US its status as "superpower in the world financial system." Making a statement on government policy to legislators in Berlin, Steinbrück reiterated his call for stronger international regulation of financial markets.
The minister proposed a number of measures, including a ban on speculative short-selling and an increase in bank capital requirements to offset credit risks. Steinbrück said the crisis had been fuelled by an unrestrained drive for double-digit profits and massive bonuses for bankers and company executives. He reiterated Germany's refusal to set up its own bank bail-out scheme, saying the crisis was principally a US problem. Steinbrück said the Group of Seven (G7) finance ministers would meet in Washington next month to discuss how to tighten regulation of capital markets.
(Deutsche Welle)
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