[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.
