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Merkel to Open Davos Forum as Leaders Discuss Failed Capitalism

Chancellor Angela Merkel
Chancellor Angela Merkel said at a joint press conference Jan. 9 with French President Nicolas Sarkozy that they would ensure no country leaves the euro, while urging Greece to finish negotiations for a debt writedown with creditors as soon as possible to win its next tranche of aid. Photographer: Michele Tantussi/Bloomberg

Jan. 18 (Bloomberg) -- German Chancellor Angela Merkel will open next week’s World Economic Forum in Davos, Switzerland, which will be attended by policy makers and business leaders including U.S. Treasury Secretary Timothy F. Geithner.

Merkel’s speech will lead into a program that begins with a debate on whether capitalism is failing society, with panelists including Bank of America Corp. Chief Executive Officer Brian T. Moynihan and Sharan Burrow, general secretary of the International Trade Union Confederation, the forum said today.

“We are in danger of completely losing the confidence of future generations,” Klaus Schwab, founder of the World Economic Forum, told reporters in Geneva. “We have the impression of a global burnout.”

European Central Bank President Mario Draghi and International Monetary Fund Managing Director Christine Lagarde will mix with 1,600 executives from firms including Citigroup Inc. and Royal Dutch Shell Plc at the five-day meeting that starts in the Swiss ski resort on Jan. 25.

To contact the reporter on this story: Giles Broom in Geneva at gbroom@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net

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