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Swedish Finance Minister Anders Borg said the proposal was simply a bad idea. "The transaction tax will increase borrowing costs and it will have a negative impact on European growth," Borg said. "What we need to do is to restore growth, not to reduce it." This is not the first time cracks have appeared in the European Union over its response to the financial crisis. In March, the so-called fiscal compact, which would introduce stricter requirements for national budgetary discipline, was signed by 25 EU countries
-- but not Britain and the Czech Republic. If the treaty is ratified, it will apply to those countries that ratify it rather than to all EU countries.
[Associated
Press;
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