Greece, Italy and others are participating in this financial transaction tax. Too bad that the UK has not joined to make it a Europe-wide concept. Perhaps a Labour-Lib Dem government in the future might do that. Of course, it would be even better if the US joined in this 'Robin Hood' tax (to make it a global phenomenon) but that seems unlikely at the moment.
EU set for financial transaction tax
A group of 11 European Union countries are set to get the green light to push ahead with the introduction of a financial transaction tax, Irish Finance Minister Michael Noonan said Tuesday. The European Commission, the EU's executive branch, has suggested that trades in bonds and shares be taxed at 0.1 percent and trades in derivatives at 0.01 percent. The money raised could run into billions of euros and help shore up the finances of cash-strapped countries in Europe.
It's still unclear exactly how the funds raised would be used. Some supporters of the tax have suggested they could help fund the EU's budget and create a security net for banks to ensure that taxpayers won't have to pay for bailing out banks anymore.
Germany, France and nine other nations initially hoped the tax would be adopted by the whole EU. However, several countries, including Britain, which is home to the EU's biggest financial hub, refused to endorse the measure amid concerns over the measure's economic impact.
The 11 countries backing the financial transaction tax are Austria, Belgium, Estonia, France, Germany, Greece, Italy, Portugal, Slovakia, Slovenia and Spain. The Netherlands, where a new government came to power last fall, might also join the bid.
http://azdailysun.com/business/eu-grouping-set-for-financial-transaction-tax/article_32d7c053-3f7e-5c88-8a33-e28c37d168f7.html
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