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Friday October 2, 03:00 PM
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IMF chief: "simplistic" financial tax won't work
ISTANBUL (Reuters) - International Monetary Fund Managing Director Dominique Strauss-Kahn said on Friday a "simplistic" tax on financial transactions would not be a good idea, but the IMF will continue work on proposals for systemic risk funding from the financial sector.
"I don't think that the very simplistic idea of just putting a tax on transactions will work; for many technical reasons I think it's very difficult to implement," Strauss-Kahn said at a briefing at the opening of IMF annual meetings here.
But he added that the idea of having money come from the financial sector to deal with systemic risks created by financial institutions is a good idea worth further study. The IMF will prepare a report on such special funding for the Group of 20 rich and developing economies, he added.
(Reporting by David Lawder; Editing by Ruth Pitchford)
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