Leterme calls on bankers to show ethical sense

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Belgian Prime Minister says after the government bailout in the financial crisis, it is time for bankers to take up their roles and show more ethical sense.

15 October 2008

BRUSSELS -- Belgian Prime Minister Yves Leterme called on bankers to show ethical sense in his first State of the Union on Tuesday afternoon.

Leterme kicked off his speech with the financial crisis and the different measures the Brussels government has taken to stop the turmoil.

He then went on to told his audience that it is time for the bankers to take up their roles.

"The people have to be protected against the consequences of certain ventures and excesses in the financial sector. That's why I want to urge certain bankers, managers and CEOs to show more ethical sense."

The government will try to put an end to the system of so-called "golden parachutes", huge bonuses and severance pay received by chief executive officers. Small savers will enjoy a better protection and the companies will be watched from closer by.

PM counts on regional regions for budget balance
Leterme expressed satisfied that an accord on the budget has been reached. He stressed that the fiscal and parafiscal pressure have not gone up and that the families' purchasing power will be supported.

The Belgian government had struggled to find EUR 6.5 billion to have a balanced budget. So far, EUR 5 billion has been found. The government is counting on different regions to contribute to the federal budget and en economic growth of 1.2 percent for the next 12 months.

The Premier also expects the different regions to contribute to the federal budget to keep it balanced, a clear reference to the Flemish government's refusal to contribute EUR 400 and 500 million to the federal government.

The Flemish PM Kris Peeters had refused to "simply set aside such a big sum" without being guaranteed on a constitutional reform.

[flandersnews.be / Expatica]

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