Germany Not Imposing Tax on Bailed-out Banks

style="float: right; margin-bottom: 10px; font-weight: 600;"Mon 24th Oct, 2011

The German government has no plans to levy taxes on banks, similar to those proposed by US president Barack Obama to recollect funds given to save US banks from collapsing following the financial crisis, states DNA India. Pointing out the differences between Germany and the United States in their involvement in rescuing their financial institutions, German chancellor Angela Merkel said she saw no need for Germany to follow suit. However, if any steps were to be taken in this area, then they have to be worked out and implemented on an international level, she said to DNA. Germany supports international discussions on stopping abuses and excesses by financial markets, curbing excessive payments of bonuses and executive salaries, and on making the financial institutions liable for future financial crises for which they are responsible. Merkel expressed hope that the International Monetary Fund would come up with clear guidelines on how to bind the financial sector in overcoming future financial crisis at the next G-20 summit in Canada in June.

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