Sarkozy suggests EU tax on hedge funds

14th February 2007, Comments 0 comments

PARIS, Feb 14, 2007 (AFP) - Nicolas Sarkozy, the rightwing candidate in the French presidential election, said on Wednesday that if elected he would seek a European tax on "speculative movements" by entities such as hedge funds.

PARIS, Feb 14, 2007 (AFP) - Nicolas Sarkozy, the rightwing candidate in the French presidential election, said on Wednesday that if elected he would seek a European tax on "speculative movements" by entities such as hedge funds.

"I want to make France the country that rewards wealth creation, but which also knows how to hit predators," he told Les Echos financial daily.

"We did not create the euro to have capitalism without ethics or morals. I am extremely worried about speculative movements," he said. "Who can tolerate a hedge fund buying a company with debts, firing 25 percent of staff and then reimbursing them by selling it in pieces? Not me."

Sarkozy also laid out his plans to cut taxes, reduce state spending and make the French work longer hours, and he slammed what he saw as the tax-and-spend proposals from his Socialist rival Segolene Royal.

Royal is still trailing behind Sarkozy in the race for the presidency, according to two polls taken after she presented her election platform on Sunday.

The first round of voting is in late April, with a run-off vote in May.

Copyright AFP

Subject: French news, Presidential election, Nicolas Sarkozy

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