Sarkozy announces French financial transaction tax for August

French President Nicolas Sarkozy has unveiled plans to introduce a tax on financial transactions.

He said the 0.1% levy will be introduced in August regardless of whether other European countries follow suit, according to the BBC. Sarkozy gave no further details on the tax, but a government source later told Reuters it would target shares and not bonds. Sarkozy told French TV he hoped the tax would push other countries to take action. "What we want to do is create a shockwave and set an example that there is absolutely no reason why those who helped bring about the crisis shouldn't pay to restore the finances," he said. "We hope the tax will generate one billion euros ($1.3b...