link» [Breaking] Sarkozy Says France to Tax Financial Transactions From August - Businessweek
akio:
Jan. 30 (Bloomberg) — France plans to unilaterally impose a 0.1 percent tax on financial transactions starting in August, President Nicolas Sarkozy said, brushing aside opposition from the nation’s banks.
“What we want to do is provoke a shock, to set an example,” Sarkozy said late yesterday on French television from Paris. “There’s no reason why deregulated finance, which brought us to the current situation, can’t participate in the restoration of our accounts.”
Sarkozy unilaterally introducing ‘Tobin Tax’ in France.
Pros and cons are of course abound. And Sarkozy is also facing election (this April/May).
French public’s reaction, and then major financial institutions - and other countries - can be significant.
Ouchhhhh. Good luck, France.
If Gordon Brown stayed in power, he and Bank of England probably be pushing for this faster than Sarkozy did. There are simulations out there but - it’s also about public sentiment/support.
Have to see what’d unfold.
Reblogged from Fear is the cheapest room in the house..
January 30, 2012, 12:23am 2 notes
