EU to Seek $100B From U.S. in Internet Gambling WTO Dispute

[babylonsister]

U.S. dismisses "exaggerated" claims in gambling case
Thu Sep 27, 2007 2:07pm EDT


By Doug Palmer

WASHINGTON (Reuters) - The United States brushed off suggestions on Thursday that it may have to provide $100 billion in compensation to the European Union and other trading partners because of its restrictions on Internet gambling.

A U.S. trade official, speaking on the condition she not be identified, said she could not reveal how much compensation -- in the form of increased foreign company access to the U.S. market -- trading partners were demanding in the talks.

"We can say that some of the numbers being put forward are based on faulty and exaggerated assumptions," she said.

Lawyers for European online gaming firms -- among the biggest in the world -- said on Wednesday the EU should press for as much as $100 billion in compensation, given the plunge in market value of publicly-traded firms after Congress tightened Internet gambling restrictions last year.

"This is by far the most significant WTO case ever and its implications for both the U.S. and the EU are enormous," Naotaka Matsukata, a senior policy advisor with the international law firm Alston & Bird, said in a statement. "Given the size of the U.S. gaming market, both the potential benefit for European industry and the corresponding damage to U.S. companies is unprecedented."

more...

http://www.reuters.com/article/politicsNews/idUSN2735745820070927?feedType=RSS&feedName=politicsNews

[gateley]

1. So...with the current rate of the dollar we'd have to fork over..what..$141 billion? nt