Spain is said to want to support the financial transaction tax at the finance ministers meeting today but they only want to support the choice cuts from the program. They wish to apply the tax to buying of shares in large companies and those with high market caps. They don’t want a tax on derivative instruments as they say it could affect the Spanish debt position.
What a load of horse***t this FTT is turning out to be. No it wasn’t good news for us traders and was just a money grab under the guise of boosting backstop funds incase of another crisis, but the fact they want to now take it apart and apply it to areas that don’t harm their own governments is codswallop. Either bring it in in full or do away with it altogether, but stop pissing around with it to suit your own agendas.
Rant over….for now
