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No ‘Tobin’ Tax
World Economy

No ‘Tobin’ Tax

Eurozone ministers failed to find common ground on a long promised financial transaction tax, put into jeopardy by sharply differing views on its implementation, official sources said late Monday. “The meeting finished without a result,” a German diplomatic source said after talks between the 11 ministers involved in the proposal, AFP reported. “We’ve only agreed to keep trying. But there’s no timeline, and the positions haven’t gotten closer,” the source said. The European Commission, as well as Germany and France proposed a tax on financial transactions in the wake of public anger in 2011 against bank traders who were blamed for the financial crisis that had sparked a global recession.

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