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Sarkozy Pledges Fight to Make Financial-Transaction Tax Reality

French President Nicolas Sarkozy said Group of 20 nations made progress on a future financial-transaction tax that might be used to finance poverty reduction and help the environment.

“The principle of a tax moved forward to the point that we can discuss how its receipts will be used,” Sarkozy said in his closing remarks at the G-20 summit in the southern French resort of Cannes today. “France will fight for this tax to become a reality. We will not wait for the rest of the world to implement it to start doing it.”