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Today EU Finance Ministers, meeting in Luxembourg, agreed to drop the idea of an EU-wide European Financial Transaction Tax (FTT).

Oxfam condemns today’s decision by EU Finance Ministers to delay talks on a European Financial Transaction tax (FTT) until December. 

A Eurozone breakup could cost the world’s poorest countries $30 billion in lost trade and foreign investment, international agency Oxfam has warned ahead of the G20 leaders meeting in Mexico to discuss the state of the global economy.

European Commission President José Manuel Barroso, on behalf of the European Union, today proposed a package of 1 billion Euros [$1.3 billion] to support reaching the MDGs in African, Carib

Today France and Germany’s leaders met in Paris to set out their

Growth is necessary but not sufficient to lift poor people out of poverty, international agency Oxfam said today as it published a briefing paper calling on the G20 to agree an historic new Seoul development consensus to help the world’s poorest.

Speaking at a press conference at the Rio+20 Summit, Barbara Stocking, Chief Executive, Oxfam GB said:

Contrary to the positive picture painted by the International Monetary Fund in its 2010 World Economic Outlook, poor countries are being forced to cut back on their economic crisis-response spending too soon.

Poor countries are being forced to cut back on their economic crisis-response spending too soon. Education and social protection budgets are particularly badly affected. Oxfam is calling on the IMF to take steps to reverse this trend.

Over 50 leading financiers have expressed their support for a European Financial Transaction Tax (FTT) ahead of a meeting of Finance Ministers in Brussels next week. In an open letter to European leaders, the financiers argue the FTT will reduce financial instability and raise significant additional government revenue.