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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: G20 seek to bridge splits over bankers' bonuses AFP - Saturday, September 5 LONDON (AFP) - - European finance chiefs called Friday for an end to bankers' bonus culture, highlighting a split with the US at G20 talks debating winding down emergency support for the world economy. ADVERTISEMENT Finance ministers from the world's richest countries and top emerging powers will use the two-day meeting in London to lay foundations for a Group of 20 leaders' summit in the US city of Pittsburgh on September 24-25. A year after the worst financial crisis since the 1930s erupted and with countries like Japan, France and Germany now out of recession, the G20 has shifted from firefighting to ensuring recovery is sustained and deep-rooted. But politicians warn the situation is still fragile and there is no room for complacency amid debate on when to withdraw emergency fiscal stimulus packages which buoyed economies through the worst of the crisis. Bankers are again in the crosshairs of leaders who argue their lucrative compensation schemes fuelled a short-term pursuit of profit that helped destabilise the financial system. "The bonus culture must come to an end and it must end at the G20 meeting in Pittsburgh," finance ministers from seven European countries including France and Germany wrote in a letter to the Financial Times (FT) newspaper Friday. "We must be very clear: these practices are not only dangerous, they are improper, cynical and unacceptable." The strongly-worded letter -- which described banks returning to "business as usual" post-crisis as "a provocation" and raised capping and taxing bonuses -- showed some G20 powers want to go further than others on the issue. Britain and the United States, keen to protect major financial centres in the City of London and Wall Street, will likely oppose such strong proposals. The US sees bonuses as a "non-subject", according to a European official who spoke anonymously. And British finance minister Alistair Darling, host of the London meeting, told the BBC Friday that he did not think mandatory capping was "a practical proposition." Sweden, which holds the rotating European Union presidency, announced Friday an extraordinary summit of EU leaders on September 17 ahead of the Pittsburgh summit which will seek a common position on curbing bonuses. G20 finance ministers will also look at when and how to reverse the massive fiscal stimulus which states pumped into their economies after the credit crunch. US Treasury Secretary Tim Geithner, while downplaying hopes for concrete results from Friday and Saturday's meet, has reportedly said exit strategies are "very important to confidence" on the financial markets. International Monetary Fund managing director Dominique Strauss-Kahn urged caution Friday, saying there was "a real danger" of pulling back prematurely. Recent statistics suggest that while leading economies are getting stronger, the road to recovery may be rocky. The Organisation for Economic Cooperation and Development said Thursday the US and eurozone should rise out of recession in the third quarter but warned of a possible "bumpy" recovery. Also at the meeting, the US will press for stronger capital and liquidity standards for banks so they can absorb any future losses without needing state help. "(The) regulatory framework failed last year," Geithner wrote in Friday's FT. "Strengthening capital requirements is an essential part of a broader effort to modernise our regulatory framework so that the financial system is strong enough to withstand the failure of large, complex institutions." Top emerging economies Brazil, Russia, India and China also called for major regulatory reform to ensure the crisis does not happen again in a statement Friday. "We cannot miss the opportunity to change international practices, rules and governance structures to make the global economy more resilient to future crises," they said. The London meeting is attended by finance ministers and central bankers from G20 countries Argentina, Australia, Brazil, Britain, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey and the United States. The Netherlands and Spain will also be represented, plus the heads of bodies like the World Bank, IMF and EU. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: China's Economy European countries call on G-20 to tackle bonusesAP - 2 hours 26 minutes ago China to raise foreign fund limits to one bln dlrsAFP - Saturday, September 5 Energy prices slide as US sheds jobsAP - Saturday, September 5 Jobless rate at 9.7 pct.; 216K jobs lost in Aug.AP - Saturday, September 5 Related Articles: Business Stocks rise as jobs report provides a little hopeAP - 2 hours 32 minutes ago Question remains: What will rise at ground zero?AP - 2 hours 32 minutes ago Seasonal demand weakness hits Piedmont Natural GasAP - 2 hours 33 minutes ago LTX Credence shares soar after analyst upgradeAP - Saturday, September 5 Number of active rigs rises by 10AP - Saturday, September 5 Enlarge Photo G20 seek to bridge splits over bankers' bonuses Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Poignant final farewell as Jackson laid to rest World heading for climate 'abyss': UN chief Chappaquiddick 'haunts me,' Kennedy said First baby born from new egg-screening technique BP unveils 'giant' oil discovery in Gulf of Mexico View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! 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