European officials look into cracking down on derivatives

Jose Manuel Barroso, president of the European Commission, said the region will "examine closely the relevance of banning purely speculative naked sales on credit default swaps". German Chancellor Angela Merkel also is seeking curbs on derivatives trading. "We're of the opinion that a quick implementation of actions in the area of CDS has to happen," Merkel said. Meanwhile, Greek Prime Minister George Papandreou met with US President Barack Obama about speculators.

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