Germans Down But Not Out On Hedge Funds

Jun 13 2007 | 10:44am ET

If you thought Germany’s failure to win agreement on hedge fund regulation at last week’s G8 summit in Heiligendamm was the measure’s last gasp, think again.

Kurt Beck, chairman of the country’s Social Democratic Party, called the inability to strike a deal on hedge funds the meeting’s “most bitter disappointment.” But, in spite of the seemingly intractable opposition of the United States, Britain and Japan, his fellow Social Democrat Peer Steinbrück, Germany’s finance minister, is not giving up.

“We have another half-year,” a finance ministry spokeswoman said at a news conference. Germany’s G8 presidency runs through the end of this year. “Regarding hedge funds, [Steinbrück] hopes constructive discussions will continue.”

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