G20 scraps plans for universal bank tax

Reuters ^ | June 5, 2010 | Huw Jones

[Oldeconomybuyer]

South Korea (Reuters) - The world's top economies scrapped plans for a universal global bank tax on Saturday, giving countries plenty of wiggle room over how to make banks pay for their bailouts in future.

Attempts to introduce a global bank levy were finally ditched in the face of opposition from Japan, Canada and Brazil whose banks needed no public aid during the worst financial crisis since the 1930s.

"There is no agreement to proceed with an ex ante bank tax," said Canadian Finance Minister, Jim Flaherty.

[screaming eagle2]

that’s one tax that’ll never see the light of day

[Clive]

-

[fanfan]

Great news!

Thanks for the post Oldeconomybuyer, and the ping, Clive.

Ping.

[Clive]

Thanks for the ping, fanfan.

[Clive]

OOPs, I find myself playing ping pong with the pings.

[fanfan]

LOL, yeah, that used to happen to me too.

[styky]

that’s one tax that’ll never see the light of day

It ruddy well better not