9:57 EDT - London, New York and Singapore ought to write "thank you"
letters to Germany because of Merkel's plans to campaign for a
financial-transaction tax, says Axel Merk of Merk Investments.
Enacting one would "destroy the competitiveness" of Germany's banking
system, he contends. "It might be more prudent to let peripheral banks
fail than to potentially jeopardize the long-term competitiveness of
the euro-zone banking sector." Merk notes Merkel is proceeding with
the tax to secure opposition approval for the 2/3 majority in
parliament needed to pass euro-crisis legislation.
(daisy.maxey@dowjones.com)
(END) Dow Jones Newswires
June 13, 2012 09:57 ET (13:57 GMT)
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