Word: supporters
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...months. Prime Minister Gordon Brown's proposal last fall for an international "Tobin tax" - a levy on financial-market transactions ranging from foreign-currency trades to derivatives - received a chilly reception abroad. U.S. Treasury Secretary Timothy Geithner pooh-poohed it as "not something we're prepared to support." But Darling's call for a global bank tax could yield something closer to the U.S. vision. Such a levy might involve taxing banks' wholesale funding, in line with the Financial Crisis Responsibility Fee proposed by Obama in January...
...trouble is, unilateral measures lack the sting of those enjoying widespread support. Britain's opposition Conservative Party has pledged to introduce a levy of its own should it win the May elections - with or without global support. "It just means there's less you can do if there's not international agreement than if there is," Conservative leader David Cameron said Tuesday. On the back of a one-off tax on bank bonuses and a hike in income tax for its highest paid staff, you can almost hear the financial sector cheer...
...help slow foreclosures. "One of the things that's prevented more success on these [loan-modification] programs is, we've had a principal-balance problem, and this program, on the face, would seem to resolve that." He says it's long been believed that homeowners would be able to support mortgage if they were based on current market values. Right now, many can't refinance because their loans are worth more than their houses, he says...
Sarkozy's initial response was a cosmetic Cabinet reshuffle, shelving of the carbon tax and a promise of more reforms - albeit only those conservatives support. What he didn't do was admit he'd made mistakes and pledge to be more attentive to criticism. He might have...
...crises. (Sarkozy has his own reasons for keeping the IMF at bay: its managing director, Dominique Strauss-Kahn, is a potential rival in France's 2012 presidential election.) Others, like French Finance Minister Christine Lagarde, have criticized Germany for making impossible demands on Athens by saying that E.U. support is only conceivable if Greece accepts draconian austerity measures that will shrink its economy further and make it more difficult to pay off its debts...