The European Union (EU) on Thursday defended its sweeping hedge-fund reform proposals against criticism from the United States and Britain. British Prime Minister Gordon Brown met with French President Nicolas Sarkozy Friday in hopes of compromising on the proposed regulation. Many EU countries are determined to change the hedge fund industry, which is often murky. The use of derivatives, such as credit-default swaps have been linked to the downfall of Lehman Bros. and exacerbating Greece’s sovereign debt difficulties .
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U.S., Britain Say EU Proposals Will Damage Hedge Fund Industry
