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Bank Levy Better to Share Burden, Greek Minister Says

Greek Finance Minister George Papaconstantinou said placing levies on banks would be a better way for them to share the risk of sovereign default than forcing bond investors to accept losses.

“I understand the concept of burden-sharing, but I think there are different ways of getting there,” he said today in an interview with Bloomberg TV in Frankfurt. “One way of burden-sharing would be to put more emphasis on things like bank levies or a financial activity or transaction tax.”