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Obama spoils Sarkozy's FTT party

Friday 4 November 2011 - by Regulation Mutters

In case there were any lingering doubts, it was confirmed this week that President Barack Obama is firmly backing the financial sector over the FTT.

According to Mike Froman, deputy national security adviser for international economic affairs, the president politely declined to accept a proposal from France and Germany for the world to impose the tax - even despite Bill Gates coming on board for the idea.

"The president made clear that he shares the objectives that Chancellor Merkel and President Sarkozy have in ensuring that the financial sector contributes an appropriate share to the resolution of crises," Froman recounted at a press conference, according to the WSJ.

That's a 'no' then.

Poor old Nicolas Sarkozy can hardly have been surprised, despite trumpeting the idea for the past year, as the White House has never been keen on it.

This now leaves the Frenchmen and Angela Merkel to ponder whether Europe - nay the eurozone - can take the risk and implement the tax on its own, as Britain will surely reject any EU-wide tax.

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