The European Union (EU) intends to propose the introduction of a tax on trading shares and bonds at a summit of the G-20 countries in November, The Wall Street Journal reports. Euro zone nations can raise between €20 billion and €40 billion to sustain their bailout fund by imposing a tax on financial transactions.
There is no agreement yet on how to utilize the revenues generated. The tax will help the European Financial Stability Facility to sustain struggling countries, as has been proposed under a new plan for containing the euro zone debt crisis.
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