24 Sep 2008

Sarkozy seeks culprits for global market crisis

9:12 am on 24 September 2008

French President Nicolas Sarkozy wants those who caused the global financial market crisis to be punished.

In a speech at the United Nations on Tuesday, Mr Sarkozy called for a summit of world leaders before the end of the year to address the crisis.

He said millions of people across the world fear for their savings, for their apartment and for the funds they have put in banks and it was "our duty to give them clear answers".

However, he gave no indication of who should be targeted, how they might be made to answer, or why political leaders in Europe and the United States did not act earlier.

The US government proposes to spend $US700 billion on buying the contaminated assets behind the crisis.