1/4% Tax on all stock trades pushed in NY Times today
- Thread starter seasideheights
- Start date
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Luxembourg PM now appears in favour of FTT.
http://www.telegraph.co.uk/finance/debt-crisis-live/8974559/Debt-crisis-live.html
12.20 Jean-Claude Juncker has said the 17 euro-region countries may succeed in imposing a tax on financial transactions.
âI would of course like that such a financial transaction tax would be introduced worldwide. But we havenât managed to do that. Then Iâd like this to happen at the level of the 27 EU countries, but we havenât managed to do that, either. Then Iâd like to introduce this at the level of the 17 euro countries, which we will maybe manage to do. And if itâs not a financial transaction tax, then another form of financial responsibility for the financial sector.â
Luxembourg previously warned against a Europe only FTT -
http://www.lequotidien.lu/l-economie/29709.html
http://www.telegraph.co.uk/finance/debt-crisis-live/8974559/Debt-crisis-live.html
12.20 Jean-Claude Juncker has said the 17 euro-region countries may succeed in imposing a tax on financial transactions.
âI would of course like that such a financial transaction tax would be introduced worldwide. But we havenât managed to do that. Then Iâd like this to happen at the level of the 27 EU countries, but we havenât managed to do that, either. Then Iâd like to introduce this at the level of the 17 euro countries, which we will maybe manage to do. And if itâs not a financial transaction tax, then another form of financial responsibility for the financial sector.â
Luxembourg previously warned against a Europe only FTT -
http://www.lequotidien.lu/l-economie/29709.html
I guess I'll believe it when I see it. I just don't see them getting all 17 Eurozone countries to sign onto this. Juncker's quote above doesn't sound all that confident to me. I do find it interesting that he mentions another form of financial responsibility if it's not a ftt. Hmmm how about a direct tax on the banks? Gee that makes to much sense (LOL)...
-Guru
Luc Frieden, Luxembourg's Finance Minister, has spoken against the FTT on numerous occasions including saying that an EU-only FTT would severely damage their economy.
Perhaps the PM is just playing politics, appealing to the crowd that supports the FTT, but at the same time knowing it's not going to happen.
EUROPEAN COUNTRIES AGAINST THE FTT:
EU-27 countries:
(1) UK
(2) Sweden
(3) Czech Republic
(4) Romania
(5) Bulgaria
EZ-17 countries:
(6) Luxembourg [??? PM and FM not in agreement]
(7) Malta
(8) Cypress
(9) Ireland
(10) Slovenia
Leaning against:
(11) Netherlands [neutral, but recent Ministry of Economic Affairs report strongly recommends against the FTT]
(12) Spain [position of newly-elected government]
The 2010 IMF report recommended against the FTT and in favor of the "Financial Stability Contribution" and the "Financial Activities Tax," both of which would be levied directly on financial institutions.
http://www.imf.org/external/np/g20/pdf/062710b.pdf
The US, Canada, Australia and the UK supported this approach at the recent G20 meeting.
Great list... Just wanted to thank everyone for their hardwork and dedication towards the cause here. All of you do outstanding work. Let's keep up the good work in 2012. Together we will win this fight.
Happy Holidays all,
-Guru