EU Backs 10-Country Financial Transaction Tax

Law360, New York (October 24, 2012, 4:13 PM EDT) -- The European Commission on Wednesday gave its blessing for 10 countries to establish a tax on all stock, bond and derivative trades, a key step in setting up a limited version of the plan aimed at recovering the costs linked to bailing out European financial institutions.

The enhanced cooperation plan endorsed by the commission Wednesday comes after the 27 European Union member states were unable to agree on establishing the hotly debated financial transaction tax. Rather than putting the tax up to the vote, 10 countries...
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