EU pushes for global financial trading tax
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Taxing financial trades has been touted as a panacea for all kinds of global ills, a cash source to fight poverty and global warming. But the latest European attempt to introduce a worldwide standard 40 years after it was first conceived is facing stiff opposition from the US and Britain.
Jose Manuel Barroso, the president of the EU's executive arm, threw his weight behind the tax Wednesday and estimated it could raise around $77 billion a year in Europe to help combat a debt crisis that is threatening the euro currency itself. (AP)
