Great Britain is no more alone in opposing the European Tobin Tax.
Italy was initially in favor of the tax, even introducing it at national level. However, afterwards Rome noticed that also transactions in State bonds are going to be subject to the European tax.
Italy is deep in debt, and her very survival depends on the willing of investors to buy her State bonds.
Italian Permanent Representative to the EU, Mr Ferdinando Nelli Feroci, said that Italy is ‘unwilling to negotiate’ on the State bonds issue.
This doesn’t mean, of course, that the Tax won’t be introduced at all. The European Institutions will probably just grant an exemption to transaction in State bonds: also because other Member States, like Spain, have the same problem of Italy.