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1/4% Tax on all stock trades pushed in NY Times today
- Thread starter seasideheights
- Start date
Quote from tomdavis:
I spoke to a friend of mine who lives in Sweden. His understanding is that the agreement does not include the FTT. He said the Swedish government made it clear they will not accept the FTT under any circumstances.
I'm confused, I thought that the FTT part was taken out of the latest resolution. See ScorpXdt's post on page 1392.
Quote from jackpearson:
What happened to the list of countries in Europe that were against the FTT? They all folded like a house of cards to Merkozy?
This was posted earlier by guru. I think it answers your question.
http://www.timesofmalta.com/articles/view/20111209/local/malta-successful-at-eu-summit.397605
Malta successful at EU summit
Malta's efforts to keep its economic flexibility paid off this afternoon as a possible introduction of a Financial Transaction Tax and a Common Corporate Tax Base as originally proposed by France and Germany were removed from the final agreement.
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There are too many countries against the FTT to get any kind of EU/EZ-wide agreement right now.
It's likely that Germany/France and a coalition of 10-15 EU/EZ countries will institute the FTT by a separate agreement among those nations. Expect a formal announcement early next year. Germany/France will then pressure other countries in the EU and around the world join in the FTT. You can be sure they will try to make it an issue in the 2012 US election.
Quote from tomdavis:
I spoke to a friend of mine who lives in Sweden. His understanding is that the agreement does not include the FTT. He said the Swedish government made it clear they will not accept the FTT under any circumstances.
They might not want to accept an FTT, but this new treaty includes a clause that in future it would be enough to have a majority of 85% of the participating countries in order to take a binding decision..
In this way a veto would not be possible any more, and they'd have to comply any way.
Yes, they are stigmatized.Quote from Robert A. Green:
But, I think the UK is being stigmatized by the general media as a trouble-maker and selfish. They are standing up for financial services and without financial services the EU and euro zone will be disenfranchised.
I wonder if this all is not a tramp set up by Germany and France.
They deliberately made conditions they knew the UK could never accept.
They fully know that the FTT will have devastating consequencies on the EU economy.
But in that case they will be able to put all the blame on those not willing to participate, claiming their unwillingness to cooperate is the reason of the failing of EU and a devastating worldwide crisis.
This way they could force all remaining countries to collaborate in order to avoid a world wide disaster.
This is why I think it would be important to concentrate on arguments that prove that an FTT, even if global, would devastate the financial sector at least, or the whole world economy.
It is not the only reason to avoid an FTT, that traders and financial institutions would simply migrate to non-participating countries.
We should show that an FTT would seriously harm the world economy even if it were global
They also quite often like to emphasize that this FTT idea comes from a Nobel Prize laureate economist called Tobin.
It should also be emphasized that this Nobel Prize laureate became vehemently opposing the idea of an FTT in his later years (when he became more experienced and a bit wiser).
Quote from pescador:
They might not want to accept an FTT, but this new treaty includes a clause that in future it would be enough to have a majority of 85% of the participating countries in order to take a binding decision..
In this way a veto would not be possible any more, and they'd have to comply any way.
It looks like the new 85% rule is still being negotiated:
http://www.reuters.com/article/2011/12/10/us-eurozone-idUSTRE7B30AO20111210
"But a new treaty will take weeks of wrangling as countries like Finland and Slovakia oppose a Franco-German drive to take decisions on future bailouts by an 85 percent supermajority to avoid being taken hostage by a single small country."
http://www.dailymail.co.uk/news/art...toing-treaty-changes--half-think-quit-EU.html
"Yes, Cameron got it right: Most voters agree with PM vetoing treaty changes - and half think we should now quit the EU"
"David Cameron has received overwhelming support from British voters over his historic decision to veto changes to the EU Treaty.
The first poll conducted since the acrimonious Brussels summit shows that a total of 62 per cent of people agreed with the Prime Ministerâs defiant stance, with just 19 per cent against.
Furthermore, most people believe the euro is doomed to fail and almost half think the EU will break up. They also fear the summit has given too much power to Germany.
If there was a referendum today on whether the UK should quit the EU, is would be likely to produce a resounding Yes. Nearly 50 per cent say we should go our own way, with 33 per cent in favour of staying in."
"Yes, Cameron got it right: Most voters agree with PM vetoing treaty changes - and half think we should now quit the EU"
"David Cameron has received overwhelming support from British voters over his historic decision to veto changes to the EU Treaty.
The first poll conducted since the acrimonious Brussels summit shows that a total of 62 per cent of people agreed with the Prime Ministerâs defiant stance, with just 19 per cent against.
Furthermore, most people believe the euro is doomed to fail and almost half think the EU will break up. They also fear the summit has given too much power to Germany.
If there was a referendum today on whether the UK should quit the EU, is would be likely to produce a resounding Yes. Nearly 50 per cent say we should go our own way, with 33 per cent in favour of staying in."
Quote from Lamar95:
http://www.dailymail.co.uk/news/art...toing-treaty-changes--half-think-quit-EU.html
"Yes, Cameron got it right: Most voters agree with PM vetoing treaty changes - and half think we should now quit the EU"
"David Cameron has received overwhelming support from British voters over his historic decision to veto changes to the EU Treaty.
The first poll conducted since the acrimonious Brussels summit shows that a total of 62 per cent of people agreed with the Prime Ministerâs defiant stance, with just 19 per cent against.
Furthermore, most people believe the euro is doomed to fail and almost half think the EU will break up. They also fear the summit has given too much power to Germany.
If there was a referendum today on whether the UK should quit the EU, is would be likely to produce a resounding Yes. Nearly 50 per cent say we should go our own way, with 33 per cent in favour of staying in."
These are great numbers to see, and clearly show that UK voters overwhelming support the veto decision by Cameron. As for poll numbers supporting the UK's leaving the EU, they should try doing this as soon as possible while voter support is incredibly high.
Who's for (and who's against) the new EU treaty may take weeks, if not months, to resolve.
--------------------------------------------
Cameron's European gang of four: the Chuks
The EU treaty crisis has not left the UK as isolated as it may seem â the Czechs, Hungarians and Swedes may yet support the PM's stance
http://www.guardian.co.uk/business/2011/dec/09/cameron-european-gang-of-four-chuks
--------------------------------------------
Cameron's European gang of four: the Chuks
The EU treaty crisis has not left the UK as isolated as it may seem â the Czechs, Hungarians and Swedes may yet support the PM's stance
http://www.guardian.co.uk/business/2011/dec/09/cameron-european-gang-of-four-chuks