German authorities demand international financial tax
Angela Merkel, the Chancellor of Germany, has today issued a statement calling on all international partners to move towards an international financial tax. Amid signs that investors are losing confidence in the Euro, Angela Merkel believes this would be the perfect opportunity to issue a "signal of strength" to show that the EU is well-financed and well-positioned for the future.
The statement came just hours before a meeting of EU finance ministers in Brussels aimed at attempting to avert further problems for the Euro. Since the Greek debacle dragged on for weeks and weeks there has been a gradual reduction in confidence in the Euro which has culminated in a massive drop in worldwide stock markets. The main markets were down more than 2% at the close of play today with Paris topping the bill with a fall of 2.9%. Tomorrow's meeting of EU ministers will be George Osborne's first official engagement within the European Union and what a time to start!
The situation in Europe at the moment is looking dire with investors fleeing from "risky assets" to safe havens such as gold. Quite what it will take to turn around this situation remains to be seen but the longer it drags on the more damage it will do to the EU's reputation.
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