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German Banking Groups Say They Oppose Financial-Transaction Tax

German private and public banks are opposed to plans by Chancellor Angela Merkel and French President Nicolas Sarkozy to impose a financial-transaction tax in the euro zone, associations representing both groups said.

“If a financial-transaction tax cannot be introduced internationally, you have to do without it,” Hans Reckers, managing director of Germany’s VOeB association of public banks, said in an e-mailed statement today. “We firmly oppose the creation of tax havens in the EU.”