EU finance ministers debate finance tax

[September 17, 2011]  WROCLAW, Poland (AP) -- European Union finance ministers are debating a tax on financial transactions that would raise money for the EU and make banks share bailout burdens with taxpayers.

The tax would take a tiny fraction from a wide range of financial dealings and use the money to relieve member states' membership contributions to the EU.

France and Germany support the idea but Britain is opposed because London is a major financial center.

Belgian Finance Minister Didier Reynders said ahead of Saturday's meeting that if a tax can't be imposed on all 27 EU members, then it could be discussed for 17 that use the euro. That group doesn't include Britain.

The U.S. opposes such a tax, and many say it won't work unless imposed globally.

[Associated Press]

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