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Europe Postpones Financial Transaction Tax Deal

Aarti Maharaj | December 9, 2015

Estonia recently withdrew from a proposed deal citing concerns about the new European financial transactions tax. The Telegraph reported that while U.K. Chancellor George Osborne has unveiled plans for a European financial transaction tax it still seen as “very uncertain”.

Eurozone nations did not get too far this week on reaching a deal regarding the controversial financial transaction tax issue, however, it is expected that the nations should reach an agreement by mid-2016.

Under the financial transaction tax deal, which was proposed in 2011, banks and major investment powerhouses will be expected to cover the excess that led to the 2008 financial meltdown and the debt crisis across Europe.

The proposed tax has received strong support from France and Germany but while 10 Eurozone countries released a one-page agreement highlighting a number of “core issues”, Estonia held out earlier this...

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