Talks between David Cameron and Angela Merkel reached a stalemate after the UK prime minister said his country would not wish to adopt a so-called 'Tobin tax' on financial transactions unless such measures were introduced on a global scale.
So, what’s Cameron's beef with the potential levy? And what would his country lose if it were introduced across the European Union?
The measures being mulled include a 0.1 percent charge on stock and bond trades and a 0.01 percent fee for derivatives.
The money raised would have a dual benefit for leaders facing their biggest threat to peace and prosperity in the region since World War II.
London (CNN) - In many ways Italy is a tale of two countries.
Living standards in the north are pretty high while chronic unemployment dogs parts of the south. Successive governments have failed to bridge the economic gap despite numerous rounds of devolution. To this day, the north-south divide remains raw in the minds in the minds of many there.
Now Mario Monti has been nominated to succeed Silvio Berlusconi as prime minister, the gulf between Italy’s current and future leaders is likely to be almost as large.
New York (CNN) – I have never met anyone who was shot nine times at point blank range.
I wasn't sure what to expect from rapper 50 Cent. I went to interview him about his new energy drink Street King. 50 Cent has linked the product to the United Nations World Food Program, promising to donate one meal for every bottle sold. It is an ambitious goal, but then Curtis "50 Cent" Jackson is an ambitious man.
Ambitious and, as I discovered, very nice. Yes, nice. In fact, it was hard to reconcile the scowling ripped rapper whose album “Get Rich Or Die Tryin'” went multi-platinum, with the soft-spoken, suit-wearing CEO sitting in front of me.
London (CNN) - He's been dubbed 'super Mario' but the man at the helm of the European Central Bank might as well be 'superman' such is the monumental responsibility that rests on his shoulders - a responsibility that doesn’t really fall into his job remit either.
As Italy successfully braved the bond markets this week with a €5 billion sale, traders say the country had much to thank Mario Draghi, its former central bank chief, for.
At 6.08%, the Italian Treasury had to offer a whopping 2.51% more than when it last sold bonds on October 11. Having said that, Italian 10-year bond yields traded lower than their recent euro-era highs. That means Italy is out of the panic zone for now at least.
Editor's note: CNN anchor Nina dos Santos spent four years in Italy as a correspondent and covered Silvio Berlusconi’s re-election in 2008.
(CNN) – As world leaders battled to stave off another recession, Silvio Berlusconi spent much of the summit season eyeing the contours of his female counterparts.
Argentina’s President Cristina Fernandez de Kirchner was the latest to suffer the ignominy of being ogled by the Italian Premier at the G20 in Cannes, while cameras caught Berlusconi leering at Denmark’s Helle Thorning-Schmidt in Brussels.
Berlusconi clearly has a head for figures. Unfortunately he has been focussing on the wrong kind for too long – much to the detriment of his long-suffering electorate.
(CNN) - Have you ever been to an event where you felt out of place?
You toy with the option of going home. Cocoa and slippers suddenly regain their appeal.
Then again, you might get some benefit from staying: you might meet someone interesting – your knight in shining armor.
When you do finally head for the door it turns out to be locked and your only alternative is creeping out of the window (hopefully unnoticed).
That is the situation Greece is facing today. FULL POST
Cannes, France (CNN)- It wasn't the kickoff to the Cannes G20 summit that we'd expected.
The official opening Thursday was hijacked by an emergency meeting late Wednesday evening hastily arranged by host French President Nicolas Sarkozy. In the dock: the Greek PM hauled in front of European leaders and banking chiefs to answer charges that he was jeopardizing the entire eurozone project after his shock announcement to call a referendum on the October 27 European Debt deal.
Things couldn't be worse, right?
Well maybe not. FULL POST
Cannes, France (CNN) - As the sun sets over the French Riviera, its capital of glitz and glamour feels more like a port in the storm than a tranquil retreat for the rich and carefree.
Cannes is a town more used to welcoming talking heads than heads of state; a place where panels pick their favorite motion picture, not monetary policy.
This week though Cannes will welcome a different kind of debate.
I've known France's Tinseltown since I was a toddler and the place has always appeared impervious to economic upheaval. Through boom and bust, Cannes has carried on regardless, doing what it does best: Catering to old money and oligarchs alike.
London (CNN) – Where do you draw the line between your professional and working life? It is the eternal unanswered question for ambitious people, but it was tested to its limits yesterday in Paris – a case study par excellence.
Just to put this in context: the world economy isn’t quite on its knees, but it’s heading that way. A collapse in the world economy would cause untold damage to millions of people, disproportionately affecting the most vulnerable.
What could tip the balance is a collapse of the eurozone, something world leaders are working to prevent. There are two people who matter more than most in these discussions and they are the leaders of France and Germany– the two most powerful eurozone economies and its main political backers.
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