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G20 pulls in different directions
3 Sep 2009
When the G20 group of rich and developing nations meets in Pittsburgh on 24 and 25 September, its leaders will be divided between those already out of recession and those still stuck in the downturn.
The UK hopes for American backing at Barack Obama's first global event to keep up the stimulus packages devised to end the world slump.
But five months from the last summit, which Gordon Brown hailed as vindication for his claims that Britain was setting the economic agenda, there are key sticking points:
Bonuses. France wants to impose a cap and target big banks but Britain believes this is a plan to attack the City. Alistair Darling aims to link bonuses to three-year performance reviews and payment in shares not cash.
Public spending. Germany, which was always sceptical about the stimulus, wants to map out a reduction in spending and cut debt.
Bailout package. The $1trillion deal made in London in April is in danger of unravelling because not all nations are meeting pledges to help the IMF lend to troubled economies.
