http://www.bloomberg.com/news/2013-...ransaction-tax-push-in-a-grand-coalition.html http://www.tax-news.com/news/Schuble_Insists_On_Feasibility_Of_EU_FTT____62066.html They are basically fanatical lunatics. http://www.ft.com/cms/s/0/0a11dbf8-1bd3-11e3-94a3-00144feab7de.html#axzz2f815Us00
A good idea of article for FT : the total amount of time and money wasted just on the FTT proposal at this point, and for which results ( There is actually more uncertainty now than there was when the initial proposal came out in sep 2010...). Remember when they spend 1 hour speaking about this at the G20, It's sometimes 6 figures of public money evaporating... Even if they find something to do with the european treaty provisions, they are still breaking the custom international law...It will just create a new trade war with non euro Financial powers like the US... This is completely crazy.
I bet many of the 11 countries would privately agree with you but they can't say so publicly without looking like idiots for signing up in the first place. In any case it is surely inconceivable now that all 11 countries would go ahead with a residency principle FTT and risk big lawsuits against the advice of their own lawyers. The idiotic SPD are just electioneering and Schaueble's comments have to be taken with a pinch of salt a week before their elections too.
Live streaming as of 5:30PMET Tuesday. A few are already hitting them in their chat room. http://www.ustream.tv/stopmotionsolo?utm_campaign=ustre-am&utm_source=9943232&utm_medium=social
Does anyone understand German politics well enough to explain the possible impact of upcoming elections on the proposed EU FTT? ******************************************* http://www.reuters.com/article/2013/09/21/us-germany-election-idUSBRE98K06220130921 Merkel concludes campaign trying to fend off Euroskeptic threat Angela Merkel wrapped up her re-election campaign on Saturday with an appeal to defend Europe and her center-right coalition against Euroskeptics who threaten to break into the German parliament for the first time in Sunday's election.
I'm no expert but this is what I understand: The current government is a coalition between Merkel's CDU/CSU alliance and the much smaller FDP. The other main party in Germany, after Merkel's CDU/CSU, is the socialist SPD who are fanatical supporters of the FTT. It was because of the SPD that the enhanced cooperation procedure was instigated in the first place. Schäuble was ready last year to throw in the towel after failing to get FTT approval throughout the eurozone, saying, "we just can't get it done". However, if I remember correctly, when Merkel needed to get SPD approval for German bailout funds for Greece etc, the SPD made a push for a FTT the price for their cooperation, and so the enhanced cooperation procedure took shape, with a bit of arm twisting of other nations. This was a real shame, as the FTT could have been dead and buried last year had that not happened. Since then, and particularly recently, the SPD has been very critical of Merkel's government for not doing enough to push the FTT and have pledged to push harder should they form part of the new government. Their leader, Peer Steinbrück, who was the finance minister before Schäuble in a previous grand coalition, has (I think) said that he would not accept any other lesser position in a new grand coalition. If he does take over from Schäuble, he will almost certainly attempt to renew the push for a FTT. Whether he will get anywhere is another matter - the same practical and legal brick walls will still be there - but it would obviously be a better result for us if the current CDU/CSU and FDP coalition survives unchanged. The main problem here lies not with Merkel's party, who are still fairly popular, but the with the FDP whose support has collapsed. Under German law no party can enter parliament with less than 5% of the vote, and it is touch and go whether the FDP can clear that. If they can't, Merkel will be forced to seek other partners, and a grand coalition with the SPD looms as the most likely outcome. However, negotiations over grand coalitions are protracted and it may be a couple of months before the shape of any new government emerges.
Exit polls are currently showing the FDP on 4.8%. Commentators on CNN believe there will be a grand coalition.
Commentators are now also saying that the CDU has done much better than expected and may even achieve an absolute majority. This would be equally good as a coalition with the FDP from an FTT point of view.