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Edition: U.S. Article Comments (1) Save Email Print Reprints Most Popular Most Shared UPDATE 2-'South Park' airs 'censored' episode after threat 1:23am EDT Exclusive: WellPoint routinely targets breast cancer patients 11:00am EDT Legalizing pot may kill buzz in California enclave 11:45am EDT Obama backers show signs of disappointment 21 Apr 2010 UPDATE 1-US Congress may push immigration over climate bill 21 Apr 2010 North Korea torpedoed South's navy ship: report 11:48am EDT Greece downgraded, deficit worse than feared 3:43pm EDT Burglars break into prison to rob absent inmates 21 Apr 2010 Oil rig off Louisiana has sunk | Video 3:35pm EDT UPDATE 5-Belgian government collapses, economy at risk 12:51pm EDT Exclusive: WellPoint routinely targets breast cancer patients 11:00am EDT UPDATE 2-'South Park' airs 'censored' episode after threat 1:23am EDT Legalizing pot may kill buzz in California enclave 11:45am EDT Burglars break into prison to rob absent inmates 21 Apr 2010 Privacy chiefs keep watch over Facebook 12:06pm EDT Grenade blasts kill 3, wound 75 in Bangkok | Video 4:27pm EDT UPDATE 1-US Congress may push immigration over climate bill 21 Apr 2010 Diabetes drug tied to reduced breast cancer risk 21 Apr 2010 "South Park" airs censored episode after threat 1:30am EDT Obama backers show signs of disappointment 21 Apr 2010 IMF chief tries to shore up fraying G20 unity Lesley Wroughton WASHINGTON Thu Apr 22, 2010 3:54pm EDT Factbox Factbox: What global finance leaders are doing in Washington 3:54pm EDT Related News Policymakers' comments at IMF, G20 meetings 3:54pm EDT WASHINGTON (Reuters) - The IMF sought to shore up fraying unity among the Group of 20 rich nations on Thursday, urging countries not to go separate ways in reforming the financial sector, as frictions emerged over a controversial plan to tax banks. World | Regulatory News | Bonds | Global Markets International Monetary Fund chief Dominique Strauss-Kahn said countries need to ensure they're moving in the same direction on regulatory reform if they are to be effective in curbing risky bank practices blamed for turning a U.S. mortgage meltdown into a global financial crisis. "Our main concern is to have everyone working together and to maintain the cooperation momentum," he said. As G20 finance leaders gathered in Washington to assess progress toward repairing recession-torn economies and building a more stable platform for growth, there were signs of divisions, particularly between countries hard hit by the banking troubles and those that largely escaped the pain. The IMF this week proposed two new taxes on banks to help prevent a repeat of the kind of risk-taking that contributed to the global credit crisis. Britain and other countries welcomed the idea, but Canada is firmly opposed to such a tax. "We're a sovereign country," said Canadian Finance Minister Jim Flaherty. "We can regulate our banks and our other financial institutions as we see fit. As the finance minister of Canada, I'm not going to impose a tax on our banks that performed well during the financial crisis. It seems to me a very odd thing to do." G20 finance ministers are expected to discuss the IMF's bank tax proposals on Friday, and a final report will be presented at June meetings of G20 heads of state in Toronto. REBALANCING COOPERATION Strauss-Kahn also urged the G20 to cooperate on measures to rebalance the global economy so that huge surpluses in countries such as China and massive deficits across the rich world don't trigger another crisis. The IMF has grown more vocal this week in calling for rich countries to allow their currencies to weaken while China's yuan strengthens, but the G20 has said little about foreign exchange matters. The IMF has been careful not to lay all of the blame on China, saying that advanced countries need to let their currencies, the euro and dollar, weaken to promote exports. Strauss-Kahn said while it was in the interest of China's economy to allow its currency to rise, he did not expect Beijing to revalue the yuan overnight. He expects China to "contemplate over time some revaluation of the currency." He said rebalancing the global economy should be a global effort and not only a discussion between two countries. The IMF and World Bank face their own rebalancing act as they try to reallocate internal voting power to give major emerging economies greater representation. World Bank President Robert Zoellick urged member countries to put aside differences over how votes ought to be split and reach an equitable deal. NO SILVER BULLET FOR GREECE While the financial crisis has waned, policymakers are now intensely focused on sovereign debt as Greece's troubles intensify and threaten to spill over into other European countries, such as Portugal. With an IMF mission currently in Athens, Strauss-Kahn said the talks over rescue plans for Greece will take "some days." He said an upward revision in Greece's budget deficit "doesn't help." He said, "If the problem has to start a little worse than we expected, we will take that into account, that will be part of the discussion we have with Greek authorities in the coming days," he said. "There is no silver bullet to solve it in an easy manner." Asked whether he was concerned about sovereign debt among countries in the euro zone, the former French economy minister said there were other countries where debt was much larger. "The sovereign debt in the euro zone taken as a whole is rather lower than in many other parts of the world, so if you consider the euro zone as a whole it has no specific problem with debt," he said. Moody's Investors Service cut Greece's sovereign debt to A3 on Thursday and said it was likely to reduce the rating further unless the deficit-burdened government was able to restore market confidence. For now, he said, he did not expect other countries in the euro zone to need IMF help. "We don't see a need these days to focus on any other countries but Greece," Strauss-Kahn added. (Additional reporting by Emily Kaiser and Louise Egan; Editing by Padraic Cassidy) World Regulatory News Bonds Global Markets Comments See All Comments (1) | Post Comment Apr 22, 2010 1:39pm EDT Portugal CDS is cracking. They will be where Greece is in a few months Storyburncom_is Report As Abusive See All Comments (1) Add a Comment *We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language or appear to be spam and review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. More from Reuters Exclusive: WellPoint routinely targets breast cancer patients First there was Yenny Hsu, then Robin Beaton and most recently, Patricia Relling, pictured above. One after another, shortly after a breast cancer diagnosis, they learned that their health insurance had been canceled. But they had something else in common: WellPoint. Full Article Why won't women prevent breast cancer? Health Obama scolds Wall Street In the shadow of the SEC's charges against Goldman Sachs, President Obama urged Wall Street to stop its "furious efforts" to block tighter regulations. Full Article Document: The Wall Street Act Scenarios: How reform might play out Text of Obama's speech Factbox: Major reform proposals Regulation James Saft: Taxing the bank spoils It's said that if you want less of something, tax it. Will this prove true with the IMF's new bank tax proposals? Commentary Goldman case shows need for overhaul America needs bipartisan reform Making the FAT tax unnecessary Financial Regulatory Forum © Copyright 2010 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Analyst Research Mobile Newsletters RSS Podcasts Widgets Your View Labs Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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