Comments from G20 finmins, c.bankers meeting

Sat Nov 7, 2009 6:14pm GMT
 
Email | Print | | Single Page
[-] Text [+]

ST ANDREWS, Scotland (Reuters) - Following are comments on Saturday from Group of 20 finance ministers, central bank policymakers and officials meeting in Scotland.

U.S. TREASURY SECRETARY TIMOTHY GEITHNER

On bank transaction tax:

"A day-by-day financial transaction tax is not something we are prepared to support."

"This idea (of a bank transaction tax) has been around for a long time ... I think frankly the experiences are mixed."

"In the U.S. we have some specific proposals for the future in which if the government acts to protect the economy from losses (caused by financial institutions) the government losses could be recouped via a tax. That reduces the risk of moral hazard and ensures pension funds don't bear the losses. We look forward to working with our counterparts on this."

On exit strategy:

"It is too early to start to lean against recovery."

"If we put the brakes on too quickly we will weaken the economy and the financial system, unemployment will rise, more businesses will fail, budget deficits will rise, and the ultimate cost of the crisis will be greater." "With growth now underway and the financial fires winding down, the policy challenge is changing. The first stage was the emergency rescue."  Continued...

 
A dealer works on the trading floor shortly after the U.S. markets opened, at CMC Markets in London October 3, 2008. REUTERS/Toby Melville
Hormones make best traders

Scientists say a perfect combination of testosterone, experience and a hunger for a share of profits can produce financial traders who consistently outperform.  Full Article | Related Story 

Market Update

  • UKUK
  • USUS
  • Europe
  • Asia
  • UK Most Actives

Most Popular Business News on Reuters UK

  • Articles
  • Videos