Sarkozy praises Argentina, Brazil for support of tax on financial transactions

French president Nicolas Sarkozy assured that both Brazil and Argentina said they were in favour of taxing financial transactions, although they admitted that several countries in the regional bloc strongly oppose it. 

“The presidents from Argentina and Brazil assured that they were in favour of the taxation of financial transactions, a move that has been actively promoted by France when the country was still leading the G20,” Sarkozy said, adding that he was “greatly pleased” by their position on the matter.

Applying this tax is "technically possible, financially indispensable and morally inarguable," he said.

Hence, the French president said he would continue the discussion with other leaders so they could create “a group of countries that can become leaders on the matter” and try and convince other G20 countries.

“Some countries are strongly opposed,” he concluded, mainly referring to the US, Great Britain and China.