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5/18/12

G8 summit: French €57bn financial tax plan rejected by UK - by Patrick Wintour and Ewen MacAskill

Barack Obama and François HollandeBarack Obama was caught between two competing European visions of how to solve the financial crisis at the G8 summit when David Cameron rejected outright a French proposal to raise €57bn (£46bn) through a tax on financial transactions.

The eurozone crisis is set to dominate four days of intense diplomacy which began in Washington Friday morning and continued through a meeting of G8 leaders at the presidential retreat Camp David on Friday evening. Discussions will continue there on Saturday and onto a Nato meeting in Chicago.

In talks at the White House, only hours before the Camp David summit, Obama met the new French president François Hollande for a one-to-one conversation in which he explored the possibility of a new approach to the eurozone crisis based on a pro-growth, stimulus strategy. Obama has been pressing for such a strategy for the last three years and has a potential ally in Hollande.

Read more: G8 summit: French €57bn financial tax plan rejected by UK | World news | The Guardian

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