‘Shares in Europe’s largest stock exchanges and trading venues slid as investors worked through the implications of a French and German plan for a tax on financial transactions. There were few details in the plan unveiled by Nicolas Sarkozy, French president, and Angela Merkel, German chancellor, although analysts expected it would be similar to proposals in recent years that have been designed in part to curb speculative trading.’
‘Analysts were doubtful the plan would attract widespread support, however. Chris Allen, an analyst at Evercore Partners in the US, said the move “appeared to be desperate times calling for desperate measures”.’
Financial Times, 17 August 2011
‘French Finance Minister Francois Baroin will meet his German counterpart "very soon" to discuss plans to harmonise corporate tax rates and launch a financial transactions tax, his ministry said in a statement on Wednesday.
‘[Sarkozy] announced at a joint press conference with [Merkel] on Tuesday that they had asked the ministers to prepare proposals aimed at harmonising the corporate tax base and tax rate in France and Germany from 2013.
Reuters, 17 August 2011
‘Plans for a new Robin Hood-style tax on financial dealings hit shares in stock exchange operators on Wednesday, as the financial markets balked at the latest proposals to rescue the eurozone.
‘The prospect of tax rate harmonisation and a new financial transaction tax, as pledged by [Merkel] and [Sarkozy], did not ease fears over the stability of the region.’
‘Shares in Europe’s largest stock exchanges and trading venues slid as investors worked through the implications of a French and German plan for a tax on financial transactions. There were few details in the plan unveiled by Nicolas Sarkozy, French president, and Angela Merkel, German chancellor, although analysts expected it would be similar to proposals in recent years that have been designed in part to curb speculative trading.’
‘Analysts were doubtful the plan would attract widespread support, however. Chris Allen, an analyst at Evercore Partners in the US, said the move “appeared to be desperate times calling for desperate measures”.’
Financial Times, 17 August 2011
‘French Finance Minister Francois Baroin will meet his German counterpart "very soon" to discuss plans to harmonise corporate tax rates and launch a financial transactions tax, his ministry said in a statement on Wednesday.
‘[Sarkozy] announced at a joint press conference with [Merkel] on Tuesday that they had asked the ministers to prepare proposals aimed at harmonising the corporate tax base and tax rate in France and Germany from 2013.
Reuters, 17 August 2011
‘Plans for a new Robin Hood-style tax on financial dealings hit shares in stock exchange operators on Wednesday, as the financial markets balked at the latest proposals to rescue the eurozone.
‘The prospect of tax rate harmonisation and a new financial transaction tax, as pledged by [Merkel] and [Sarkozy], did not ease fears over the stability of the region.’
