http://www.marketwatch.com/story/sp...e-related-tax-2012-09-27?reflink=MW_news_stmp
By Tom Fairless
Spain and Italy are resisting plans by a small group of European Union countries to introduce a tax on financial transactions, increasing the likelihood that the plan will fail, German newspaper Handelsblatt reports Thursday, citing EU officials.
At least nine EU countries--including France, Germany and Spain--signaled at a meeting in Luxembourg in June that they wanted to introduce a tax on financial transactions such as trades of shares and bonds, after they failed to get the rest of the bloc to support such a levy. The tax must be adopted by at least nine states if it is to be pushed through under the EU's so-called enhanced cooperation procedure.
Italy's representative at the Luxembourg meeting said the government in Rome would need to study the plan more closely, even after Prime Minister Mario Monti had previously backed it.
However, Italy and Spain are currently resisting putting their signatures to the deal, Handelsblatt reports, citing EU officials.
Italy's government sees the tax as positive in principle, but is worried that its introduction in only some countries could harm their stock exchanges, people close to Italy's government told Handelsblatt.
The drive for a transaction tax has in part been driven by resentment at the degree of taxpayer-funded support received by the financial sector, particularly in western and southern Europe, since the financial meltdown of 2008.
Although it is popular with voters across Europe, many officials have warned that introducing it in some countries could push banks and other traders to relocate to financial centers in the U.S. and Asia.
There had been hope that support for the tax could be found at least in the 17-country euro zone, but the Netherlands and Luxembourg quickly opposed it.
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Same basic stuff as above, but i like this part of it a lot.
"Although it is popular with voters across Europe, many officials have warned that introducing it in some countries could push banks and other traders to relocate to financial centers in the U.S. and Asia."
