国际英语新闻：Greek minister calls on global leaders to tighten financial regulation

BEIJING, June 22 (Xinhua) -- Greek Economy Minister Louka Katseli called on global leaders Tuesday to learn from Athens' "mistakes" and tighten financial regulation.

"You have the possibilities of liquid funds looking for quick wins. Then you have products such as CDS (Credit Default Swap) and other derivatives, and so on, to bet against open positions," Katseli said in an interview with Xinhua.

CDS is essentially an insurance policy on a financial product, but it has been used more frequently for pure speculative purposes in the Greek debt crisis.

"It's quite easy for someone to pursue some kind of profiteering activities against currencies, against bonds, against countries," said Katseli, who is on a visit to China.

The minister called on global leaders to tighten financial regulation to stop speculators from creating financial turbulence again.

"That's why in my view there has to be stricter regulation at a global level on short-term capital movements," she said.

The Greek minister noted Hong Kong faced a similar situation in 1998 in the Asian financial crisis.