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11 EU nations to plan tax on financial transactions
Key Excerpts from Article on Website of Los Angeles Times
Posted: January 29th, 2013
http://www.latimes.com/news/world/worldnow/la-fg-wn-11-eu-ta...
Pressing ahead where others have balked, 11 European countries received the green light ... to plan a financial transaction tax that could generate billions of dollars in revenue for cash-strapped governments. Led by Germany and France, the European Unions two heavyweights, the nations will now work out how to introduce a levy on the buying and selling of stocks and bonds and on the use of complex financial instruments known as derivatives. Advocates say such a tax is not only necessary to help discourage risky transactions like those that precipitated the 2008 global financial meltdown but also a fair way to make financial institutions pay to help clean up the leftover mess. The U.S., at the urging of Wall Street, has opposed a financial transaction tax; so has Britain, which is home to Europes largest financial trading hub. Hesitation in London as well as some other European capitals stalled a proposal, made in September 2011, to charge a unified financial transaction tax across the 27-nation EU. The 11 countries, all of which share the euro as their currency, decided to forge ahead on their own, deepening integration among a subset of EU members that together account for more than half of the regions economic output. EU-wide, officials had estimated that a levy of just 0.1% on trades of stocks and bonds and 0.01% on derivatives could bring in $75 billion a year.
Note: For deeply revealing reports from reliable major media sources on the profiteering of an unregulated financial industry, click here.
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