Germany May Find Relief From Locusts

Dec 11 2006 | 9:58am ET

Germany, whose vice chancellor famously tarred hedge funds as locusts, may be closer to winning some sort of international pest control.

The U.S. Treasury secretary, Hank Paulson, and British chancellor, Gordon Brown, are supporting German Finance Minister Peer Steinbrück’s plan to seek tighter controls on hedge funds next year, when Germany holds the presidency of the Group of Eight industrial nations, the Handelsblatt newspaper reports. His deputy, Thomas Mirow, will be in Washington this week to hammer out details with Paulson.

“With the consent of the two most important finance countries, the probability rises that we will reach concrete decisions,” one person close to Steinbrück told Handelsblatt.

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