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Money ministers reject Brown's bank tax at the G20

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Money ministers reject Brown's bank tax at the G20


British Prime Minister Gordon Brown’s bid to impose a new tax on global financial transactions has been rejected by the United States at the G20 meeting of finance ministers in Scotland.

Brown wants financial institutions to act responsibly and rein in the risk taking that sparked the economic crisis. Its something the IMF is looking into says IMF head Dominique Strauss: “ We will be ready to report on this in spring and its rather complicated from a technical point of view, but I think its absolutely legitimate and that was the point of view of the heads of state and the heads of government in Pittsburgh two months ago-that we can’t go with a system where the financial system is so risky, where some individuals may take risks that finally all the tax payers-you and me-will have to pay.” The money ministers failed to reach agreement on climate financing where rich countries pay poor countries to expand their economies without an increase in emissions. German Finance Minister Wolfgang Schaeuble explained why: “ We were ready and it was agreed that the developed nations pay the biggest share of it and help the poorest countries finance it. But, the fact that the developing countries have to pay there share seems to be a thorny issue.” Its not a good omen for any climate change deal at the environmental summit in Copenhagen next month.

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