Austria Insists on Financial Transaction Tax

People ♦ Published: March 27, 2012; 15:23 ♦ (Vindobona)

Despite Germany’s finance minister sees little chance of a European Union agreement on the levy, Austria is sticking to plans for a financial-transaction tax in Europe to help consolidate its budget.

Austria Insists on Financial Transaction Tax / Picture: ©

Countries that back the tax can and should introduce it to raise funds and funnel investments away from speculative products and into the “real economy,” Vice Chancellor Michael Spindelegger told journalists after the weekly government meeting in Vienna today. Chancellor Werner Faymann reiterated his plan to start a EU-wide referendum on the plan.

“Just because others are…