Sarkozy wants perpetrators of global financial crisis to be punished

25 September 2008

French President Nicolas Sarkozy has demanded that those responsible for the financial disaster be punished, making him to be the first world leader demanding accountability, while cautioning his counterparts to be aware of the gravity of the global financial situation.

Speaking at the dinner of the Elie Wiesel Foundation's function, where he was bestowed the 'Humanitarian Award' Sarkozy told the over 800 guests, including French and American business leaders, ''Today millions of people around the world are fearful of losing their nest eggs, their apartments, their savings in banks.''

He added that "We must provide them with clear answers. Who is responsible for this disaster? That those responsible will be held accountable and punished and that we government leaders will assume our responsibilities," giving a clear indication that the US government should take action against those who brought the world financial market to its knees.

"If we don't speak clearly, we won't create a stable world, maybe the most helpful thing that could be done today is if world leaders accepted the seriousness of the situation and spoke frankly on these topics about which one should not compromise," said Sarkozy.

Sarkozy is in the US to attend the UN meet and on Thursday he will be addressing world leaders on the economy with greater stress on the current market crisis as well as give broad outlines of the 2009 draft budget which will be revealed on Friday.

He also had a meeting with the president of the US Federal Reserve Bank of New York, Tim Geithner, who appraised him on Treasury Secretary Henry Paulson's $700 billion financial rescue plan which requires the US congress approval.