No more tax havens, says Sarkozy as G20 wraps up

French President Nicolas Sarkozy says tax havens are to be shunned by the international community. The announcement comes at the end of a two-day meeting of G20 countries in the French Riviera resort of Cannes. 

Reuters/Philippe Wojazer

Sarkozy said 11 tax haven countries had been identified and pointed out Switzerland and Liechtenstein as not doing enough to end banking secrecy.

"We don't want any more tax havens. Our message is clear," he said.

At a summit dominated by the financial crisis facing the eurozone, G20 members also agreed to work on a possible increase in funds for the International Monetary Fund and are set to discuss the introduction of a tax on financial transactions at a summit scheduled for the beginning of 2012.

The French president also said conditions were favourable for an agreement in Greece over an IMF-EU billion-euro bailout to help the debt laden country.

Just ahead of his speech, Athens announced that it would not hold a referendum on the bail-out fund. The fear of a possible Greek departure from the eurozone had seen turmoil on financial markets over the past week.

G20 members also agreed to work on a possible increase in funds for the International Monetary Fund and are set to discuss the introduction of a tax on financial transactions at a summit scheduled for the beginning of 2012.

The French president also said conditions were favourable for an agreement in Greece over an IMF-EU billion-euro bailout to help the debt laden country.

Just ahead of his speech, Athens announced that it would not hold a referendum on the bail-out fund.

The fear of a possible Greek departure from the eurozone had seen turmoil on financial markets over the past week.