Germany calls for capital levy

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Frankfurt - Germany's central bank, the Bundesbank, proposed that countries facing insolvency should draw on the private assets of their own citizens in a one-off capital levy before asking other states for financial help.

“In the exceptional case of a country's looming insolvency, a one-off capital levy could be more successful than other options,” the Bundesbank said in its monthly report released Monday.

But the bank warned that such a levy carried significant risks and its implementation could be difficult. - Sapa-dpa

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