Borg Backs Bank Bonus Curbs

Sweden's Finance Minister Anders Borg has supported France's desire to curb big bank bonuses.

Speaking in Brussels at an EU meeting of finance ministers ahead of this weekends G20 meeting in London where the aim is to hammer out a common position ahead of a summit of world leaders in Pittsburgh later this month, Borg said the main issue was "to stop the restarting of the bonus culture. The bankers are acting like it's 1999 but it's actually 2009 ."

Borg added: "The bonus culture must come to an end and it must come to an end in Pittsburgh."

Last week, French President Nicolas Sarkozy won a commitment from French bankers for a

system of performance-related pay for traders, as part of a drive to reign in a bonus culture seen as a major factor in the global credit crunch.

The French proposal has already received support from Germany and the European Commission.