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German Finance Minister Peer Steinbrueck said UK trying to stop the introduction of tight financial market regulations.
"There is clearly a lobby in London that wants to defend its competitive advantage tooth and nail," Steinbrueck told Stern magazine ahead of the two-day G-20 summit that is starting on Thursday in Pittsburgh.
Global leaders are expected to bring strict banking sector reforms in the meeting. Germany and France have raised calls for tight regulations, but the U.S. and the UK are against the call.
According to the magazine, Steinbrueck said this resistance will be crushed. "We will effectively change the rules on the financial markets. Politics is sometimes like a locomotive which comes slowly up to full speed."
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