How They Must Laugh At Us: Eurozone wants to tax banks, says report

Leaders of Eurozone countries want the EU to levy a tax on banks to recover some of the enormous profits they have made from the economic crisis and the bailouts. They also want to compel private banks to participate in the repurchase of the Greek debt. Good ideas, but this is like an employee walking into the boss' office and asking for a raise, and suggesting that the boss take a pay cut in order to fund the raise. Needless to say, it's not going to happen.

BERLIN: The 17 Eurozone countries want to impose a tax on banks to involve the private sector in paying for the rescue of indebted Greece, according to German daily Die Welt.

The tax would target even banks "not directly involved in Greece", the newspaper wrote Monday, citing highly-placed diplomatic sources involved in the talks.

The plan also envisages that the private banking sector will "contribute to the repurchase of Greek bonds," it wrote, without giving further details.

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