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International

G8 leaders still divided on banking tax: Canada

International Desk |
Update: 2010-06-25 23:52:40

HUNTSVILLE: G8 leaders have so far failed to reach a deal on imposing a global banking tax on financial institutions to pay for future economic crises, a top Canadian official said Saturday.

"There is no agreement for a global bank levy," Len Edwards, top Canadian negotiator at talks among the leaders of the Group of Eight richest nations, told journalists

Instead it was clear "countries are free to proceed as they wish," he said, adding that negotiations were continuing on trying to reach "a level playing field."

Germany, Britain and France, backed by the United States, have led calls for G8 leaders to agree to a global bank levy as well as a tax on international financial transactions to offset the costs of any future crises.

BDST: 1911 HRS, June 26, 2010

NJ

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