Leaders and regulators in Europe are ramping up their efforts to rein in -- or possibly ban -- credit default swaps. "Angela Merkel, Nicolas Sarkozy, Jean-Claude Juncker and I have suggested in a joint letter to Barack Obama whether the markets for credit default swaps ... should not be closed. The [Group of 20] countries want to discuss this," Greek Prime Minister George Papandreou said, referring to the leaders of Germany, France, Luxembourg and the US, respectively. Meanwhile, Michel Barnier, internal-market commissioner for the EU, said regulators are planning to improve transparency in the CDS market.

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