European countries planning a tax on financial transactions are set to drastically scale back the levy, cutting the charge by as much as 90 percent and delaying its full roll-out for years, in what would be a major victory for banks.
Such sweeping changes would blunt the impact of the tax, pushed for by German Chancellor Angela Merkel and popular with voters who blame bankers for the financial crisis.
The revisions have yet to be formally proposed but were revealed to Reuters by officials working on the project.
Banks have lobbied furiously against the tax, due to be levied by Germany, France and nine other European states. It has also hit legal challenges from Britain, which will not join the tax but fears being forced to collect it on behalf of other EU states, driving business from London's financial center.
So bankers win again.
And ordinary people suffer once more.
The fight for justice has to go on.