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Commentary & Opinion

Financial Transaction Taxes Can Help Alleviate Global Poverty

January 11, 2013

"For the first time since the economic crisis began, the last United Nations General Assembly offered real hope for those that wish to put an end to global poverty," U.N. Under-Secretary General Philippe Douste-Blazy, chair of UNITAID, writes in a Huffington Post opinion piece. "In his first speech to assembled world leaders, French President Francois Hollande called on countries to 'globalize solidarity' and implement a global Financial Transaction Tax (FTT)," Douste-Blazy writes, noting France has implemented a 0.2 percent FTT that "should raise around $2 billion a year." In addition, "[i]n a groundbreaking move during his General Assembly speech, President Hollande announced that a part of the FTT's revenues will be allocated to development aid," a move that "should be praised," Douste-Blazy says.

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