France Threatens to Walk

From Bloomberg

French President Nicolas Sarkozy will walk out of this week’s Group of 20 summit if his push for stricter international financial regulation flops, Finance Minister Christine Lagarde told the British Broadcasting Corp.

Sarkozy will refuse to sign any statement if he feels “the deliverables are not there,” Lagarde said in the interview. “I think he is very determined.”

My first thought was "So?  Who cares?"

But amazingly, someone (who isn't French) does.

"It’s a bombshell to be honest,” said Philip Whyte, senior research fellow at the London-based Center for European Reform. “If such a high-profile leader would walk out of the summit, it likely would be seen as very negative on the stock and bond markets. It would highlight the disunity among the leaders when the times require a show of unity, concrete actions and stabilization.”

I just can't see it.

Heck, I didn't even know France had a stock market...

Comments

[dave]

"Heck, I didn't even know France had a stock market..."

Hope that you're kidding. If not, that speaks volumes about you.

[bill chan]

Feeling bullish, come to the running of the bulls site.

[dacian]

There are more than one stock market out there T. (next to Wall Street and City of London). Less important for sure, but they are real.

[Toro]

Er, guys...

http://www.euronext.com/landing/indexMarket-18812-EN.html

Just having a little fun at the expense of our French friends.

[psychodave]

Aw shucks. It's April Fools... le jeton s'est tombe. (transl. lightbulb in cartoon bubble just above my punkin' head finally came on).

[SS]

TR

When I was studying economics in the early 1970s, off shore banking was a big problem. I asked my Professor why nothing was done about it and he shrugged, attributing the politics of the day to the problems persistence. Fourty years later off-shore banking is used as a reason to let the bankks skirt prudent regulation. The French have a point.

SS

[CanadianLoonie]

Ribéry FTW!

Oh wait, wrong topic of discussion about France...