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Financial woes top EU agenda in 2012

01-05-2012 18:59 BJT

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In EU, the New Year has brought little cheer for the bloc’s debt crisis. In the latest development, the 27-member European Union is set to move ahead with plans for a financial transaction tax.

The French Minister for European affairs, Jean Leonetti, says the new levy has been agreed by France and Germany and will be in place by the end of the year. Britain and Sweden are alone among member countries in opposing the tax.

Meanwhile, Greece has warned of it could face a default and fall out of the eurozone if no agreement can be reached on a second term of bailout worth 130 billion US dollars. France is also facing its own test, with an 8 billion euro debt auction on Thursday that will see whether the country’s triple-A rating is at risk.

Amid signs of increasing deterioration of the European economy, a bilateral summit is expected between French and German leaders next week to pursue a still elusive solution for their woes.


Editor:Zhang Dan |Source: CNTV.CN

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