Just very briefly, the issue on why the tax, in our view, doesn't get to this externality issue is that by creating this fund.or one of the issues, as there are many.You're creating a fund, so I, as a lender, a buyer of the bonds of this financial institution that ultimately benefits from the fund.so why is that not a quasi-sovereign obligation, given.?

11. Stresses that the recent speculative attacks against Greece have led to an extreme rise in national bond spreads and have deprived the country of the ability to borrow at the same rate as other eurozone members; underlines that those attacks, which may hamper Greek efforts to restore sound public finances and implement measures to reduce the extreme public deficit, had as primary targets the euro itself and the economic convergence of the eurozone; regrets the absence of mechanisms to safeguard the euro’s stability and believes that this makes the need for coordinated, efficient and effective regulation and supervision of financial ...[+++] markets in Europe even more urgent;

We are all for it, Prime Minister, but we need funds, and we have settled on financial perspectives that are very tight, absolutely below par and that amount, in fact, to an abdication.

When a bond is issued slightly below par because interest rates have increased between the date on which the nominal rate was fixed and the date of issue, it would be logical not to treat the issue premium as interest.

If, today, we have a 50-year rate of 4.67% and a 30-year rate of 4.65% (the 50-year rate applies to France, where bonds are issued for 50 years, and the 30-year rate to Germany), these figures are still much lower than the 10-year rate in the United States.

Also, it is understood that synthetic discount instruments (stripped bonds or coupons) are covered by Article 5 (b).