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Paris - French Finance Minister Christine Lagarde expressed optimism on Friday that world leaders will agree to international rules on trader bonuses at this month's summit of rich and developed nations in Pittsburgh.
In a preparatory meeting for Group of 20 summit, finance ministers last week agreed to curb hefty bankers' bonuses, but the proposed crackdown falls short of European demands after the US and Britain shied away from imposing a cap.
"I have good hopes that the principles of reining in bonuses that we have put forward and the principles of restraint can be accepted," Lagarde told journalists in Paris. The summit is to be held Sept. 24-25 in Pittsburgh.
Curtailing bankers' pay and bonuses has been seen as key by some countries after the risk-promoting payment culture was blamed for fueling the current financial crisis.
Suggested measures that countries could take included proposed "clawback" mechanisms to ensure that bonuses are linked to the long-term success of deals and could be forfeited if executives' performance doesn't hold up over several years.
- AP