Archive for July 19th, 2011

Poor banks! – Tonio Fenech

July 19, 2011

Tonio Fenech in Parliament as reported by The Times, about Euro, the financial crisis and Greek bailout: One of the reported proposals was for a financial tax (on the banks) to raise funds for the emergency mechanism. The Maltese government had objected to this proposal and viewed it as detrimental to the eurozone. It was not fair that banks who had nothing to do with the crisis were made to shoulder the cost like this.

My comment:

… ok but if banks which make huge profits in the speculative financial markets are not taxed then by elimination it is the employee and others such as SMEs who will carry the burden through their taxes… Cannot understand government’s heartache because banks are asked to pay additional taxes on their huge profits… surely they will still have plenty left.