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EU talks to break hedge-fund impasse fail
Date 14/10/2010 14:43  Author webmaster  Hits 1007  Language Global
14 OCT 2010

By John O'Donnell and Julien Toyer

BRUSSELS, Oct 13 (Reuters) - Talks to break deadlock between Britain and France over the shape of new EU hedge-fund controls ended in disarray on Wednesday, putting their finance ministers on course for a clash when they meet next week.

Central to the row is whether or not to grant a licence to foreign funds that want to work across the European Union's 27 countries. French economy chief Christine Lagarde had opposed this on the grounds that controls on foreign firms would be lax -- her opposite number in Britain, George Osborne, is in favour.

"It's more bad news today," said one EU diplomat with knowledge of the talks, which are latest in a series of failed attempts to resolve the row. "We now hope there will be an agreement next week among finance ministers."

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