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Britain, France condemn US defence move, disagree on funds
Published in Saudi Press Agency on 12 - 03 - 2010

The leaders of Britain and France today fiercely
criticized the decision by a top US defence firm to pull out of a
partnership with Europe's EADS over a contract to build tanker
aircraft, dpa reported.
"This is no way for the US to treat its European allies," French
President Nicolas Sarkozy said after talks in London with British
Prime Minister Gordon Brown.
He said the decision by US defence firm US firm Northrop Grumman
to withdraw from the partnership with European aerospace giant EADS,
parent of Airbus, "set the wrong example in the fight against
protectionism."
Brown said Britain, which believed in open competition and a free
market, was "very disappointed" that the European offer "did not find
favour."
The US decision earlier this week leaves rival Boeing as the sole
bidder for the contract, worth 35 billion dollars.
During their talks over lunch in Downing Street, the two leaders
also discussed European Union (EU) plans to regulate hedge funds and
private equity, a tax on international banking transactions and the
German-inspired idea of setting up a European Monetary Fund (EMF).
However, both Brown and Sarkozy made clear that they were not in
agreement on the vexed issue of tighter hedge fund regulation, which
Britain feels could harm the interests of the City, London's
financial centre.
Hedge funds needed to be regulated, said Sarkozy, adding that he
understood that Brown should "defend the interests of the City" just
as he defended the "economic interests of France."
"We have not reached equilibrium yet," said Sarkozy. Brown said
the people of Europe wanted more transparency in the financial sector
and he hoped that a solution could be found in the next few days.
Brown was cool on the idea of a European Monetary Fund to bail
out troubled Eurozone economies, saying that existing arrangements
and institutions should be used first to deal with deficit problems.
Sarkozy added that he was "always open to new ideas" and believed
that the Eurozone had to "show solidarity" among its members.
The French president was later due to have talks with David
Cameron, the leader of Britain's opposition Conservative Party, which
last year pulled out of the European People's Party (EPP), the main
centre-right grouping in the European parliament.
Asked whether he would urge Cameron to rejoin the EPP, Sarkozy
said he had "enough problems at home" to become involved in those of
other countries and political parties.
The French president angrily rejected as "ridiculous rumours"
recent reports of alleged strains in his marriage with former model
Carla Bruni-Sarkozy, which had been picked up in the British press.


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