Barnier says Italy could be exempt from some Basel tax rules

10/29/2010 | Bloomberg Businessweek

Michel Barnier, internal-market commissioner for the EU, said it is possible that Italy can be exempted from rules on deferred-tax assets within the Basel III accord. Italian lenders said the rules will penalise them more than their European counterparts. Barnier, who will translate Basel III into EU law, said an exemption is "not impossible, but I want to do things logically and seriously".

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