Germany to Take Bigger Crisis Taxes on Banks

The 2008 financial crisis was, in part, caused by the banks and now the German government is demanding that the bank foot the bill. Germany will try to raise bank crisis tariffs over those originally planned.

The original plan was that banks would have to pay a crisis tariff of 15% of annual profits. The money is to be saved in a restructuring fund to provide financial aid in future financial crises. According to a leaked government memo, the 15% limit will be waived and banks will be taxed even more. In the 2008 financial crisis, government rescued the banks. Now the governments wants to ensure that the banks can rescue themselves.

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