1/4% Tax on all stock trades pushed in NY Times today

Quote from Rantany:

According to this article, the FTT was the (main) reason for Cameron:



http://www.myfinances.co.uk/investm...s-eu-treaty-changes-over-tobin-tax-safeguards
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"Hungary has also rejected the proposed new treaty with Sweden and the Czech Republic undecided. The other six members of the EU, who are not part of the 17 countries in the eurozone agreed to the new accord."

"The result of the talks means that the new rules on spending and budgets will not be backed by an EU treaty but by individual treaties between governments. This will mean that not every decision needs to be ratified by 17 different member states, which should make the process easier and quicker to set up but it may not be as comprehensive."

I wonder what they mean by not every decision will need to be ratified by the 17 different member states? I don't see how Germany and France could just tell the other's that they are now subject to the ftt.

-Guru
 
Quote from Rantany:

(sorry couldn't edit no longer)

...And if the Eurozone lastly decides NOT to go on with the FTT, then the UK could have stay 'in', and the EU wouldn't be 'split', which now has happened. And all this because Merkel wants to push this to the end.
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If I understand the laws correctly, an official EZ FTT requires unanimous consent of all EZ countries. Both Luxembourg and Malta have adamantly said they will vote against any FTT unless it's global. Cypress, Slovenia, Ireland the Netherlands (could go either way) and the newly-elected government of Spain also appear to be against it.

What Merkel/Sarkozy seem to be saying is that if they can't get an official EZ-FTT, they will form a coalition of willing countries and institute the FTT in those countries based upon mutual agreement. That would leave 10 EZ countries willing to participate. How an agreement of that type would affect other EZ/EU countries is a mystery to me. The one thing we can be sure of is that dominatrix Merkel will attempt to design the tax in a way that inflicts maximum pain on non-participating countries.
 
Quote from Stok:

"... I am convinced that liberalism is a mental disease and obamacare was invented to cover it :D
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Is greed a disease?

Back before, let's say, T. Roosevelt... America was hard working, independent, self-reliant.

Now just look at us.. what Liberalism and Progressivism has wrought..

:mad: :mad:
 
EU countries are pissed at Cameron because he refused to commit financial suicide

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http://www.ft.com/cms/s/0/0da05152-2222-11e1-acdc-00144feabdc0.html#axzz1g2rst7Fb

Eurozone deal leaves Britain isolated

The refusal by David Cameron, UK prime minister, to agree to a full treaty change for all 27 EU members unless there were safeguards for UK financial services caused a standoff in the early hours of Friday morning with Angela Merkel, German chancellor, and Nicolas Sarkozy, French president.

“I really don’t believe David Cameron was ever with us at the table,” Ms Merkel said.

Several diplomats said Mr Cameron emerged from Friday morning’s negotiations deeply wounded, angering fellow EU leaders and getting no trade-offs for British interests.

“This is going to cost the UK dearly,” said one senior EU official. “They have antagonised everyone.”

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Quote from Scataphagos:

Is greed a disease?

Back before, let's say, T. Roosevelt... America was hard working, independent, self-reliant.

Now just look at us.. what Liberalism and Progressivism has wrought..

:mad: :mad:
More...

With greed, at least someone can reason and make smart decisions :D

Roosevelt and FDR and the "Great Society" was the beginning of the end and how the democrats have used lies and guberment handouts to gain more and more power. I might as well go ahead and write the book about what brought down the USA.
 
Interesting analysis to the UK opposition:

<i>Britain's opposition is based, according to Pär Magnusson, Nordic chief analyst at Royal Bank of Scotland, that country's government wants to protect the financial sector from being taxed more heavily just to finance assistance to countries in the euro zone - a currency union in which Britain is not even a member. Magnusson notes that the financial sector is the UK's largest industry and that 46 percent of the world interest rate transactions are made in London, compared with 9 percent in Germany and France combined.

"They might as well propose common EU excise duties on cricket equipment and baked beans to finance the Italian budget deficit",</I>
 
Quote from tomdavis:

If I understand the laws correctly, an official EZ FTT requires unanimous consent of all EZ countries. Both Luxembourg and Malta have adamantly said they will vote against any FTT unless it's global. Cypress, Slovenia, Ireland the Netherlands (could go either way) and the newly-elected government of Spain also appear to be against it.

What Merkel/Sarkozy seem to be saying is that if they can't get an official EZ-FTT, they will form a coalition of willing countries and institute the FTT in those countries based upon mutual agreement. That would leave 10 EZ countries willing to participate. How an agreement of that type would affect other EZ/EU countries is a mystery to me. The one thing we can be sure of is that dominatrix Merkel will attempt to design the tax in a way that inflicts maximum pain on non-participating countries.
More...

True. And if only 10 countries really decide to go 'alone' it's madness. Unfortunately I could imagine that some others would prefer the torture of a FTT above being tortured by dominatrix Merkel :D
 
Europe moves ahead with fiscal union, UK isolated:

http://news.yahoo.com/eu-leaders-agree-fiscal-pact-treaty-change-035239179.html

"Twenty-six of the 27 EU leaders agreed to pursue tighter integration with stricter budget discipline in the single currency area, but Britain said it could not accept proposed EU treaty amendments after failing to secure concessions."

"The nine non-euro states said they would consult their parliaments, where appropriate, on taking part in the process. After a long night of wrangling, Britain's few allies melted away in the Brussels dawn."

One senior EU diplomat called British Prime Minister David Cameron's negotiating tactics "clumsy". Among other issues, he had sought a right to veto a proposed financial transaction tax, which may be voted through by a majority over the objections of the City of London financial centre.

Cameron's decision to stay out of the treaty-change camp could spell problems for Britain.

The danger is that if a large majority of EU countries do push ahead with deeper integration, it could involve changes to the single market and financial regulation, both of which could have a profound impact on the British economy.

"Cameron was clumsy in his maneuvering," a senior EU diplomat said. It may be possible that Britain will shift its position in the days ahead if it discovers that isolation really is not a viable course of action, diplomats said.


Wow these articles are sure making Britain out to be the bad guy. This article seems to indicate that the ftt could still be voted through by a majority? It also talks about Britain possibly changing it's position in the days ahead? Maybe Germany and France could still drop their FTT demands?

"Among other issues, he had sought a right to veto a proposed financial transaction tax, which may be voted through by a majority over the objections of the City of London financial centre."

What the heck is going on here?

-Guru
 
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