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Austria's Fekter says Geithner rejects transaction tax
September 16, 2011 / 12:35 PM / 6 years ago

Austria's Fekter says Geithner rejects transaction tax

WROCLAW, Poland (Reuters) - The U.S. Treasury Secretary Timothy Geithner called on euro zone countries to commit money to avoid financial system difficulties but rejected suggestions for a financial transaction tax, Austria’s finance minister said on Friday.

Maria Fekter was commenting on an exchange between Geithner and finance ministers in the euro zone including Germany’s Wolfgang Schaeuble, who met in Poland on Friday.

“He (Geithner) conveyed dramatically that we need to commit money to avoid bringing the system into difficulty,” said Fekter. “Schaeuble made him very aware that it was unlikely to be possible to push that onto taxpayers, and especially not if (the burden) is imposed mainly on the triple-A countries.”

“In these countries, there is a desire for a transaction tax because a transaction tax would use the liquidity which is on the market for stability. He (Geithner) ruled that out.”

“I found it peculiar that even though the Americans have significantly worse fundamental data than the euro zone that they tell us what we should do and when we make a suggestion ... that they say no straight away.”

“I had expected that when he tells us how he sees the world that he would listen to what we have to say.”

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