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The Associated Press March 31, 2012, 05:06AM ET

Sweden backs limited tax on share purchases

Sweden's finance minister, one of the strongest opponents of a broad tax on financial transactions in the European Union, says he may back a more limited levy on share purchases.

Anders Borg says Saturday "there are stamp duties in for example France and in the U.K. that (are) less costly for the economy and would not have a detrimental effect on the financial markets."

Europe is trying to find a way to recoup some of the billions of euros (dollars) spent on saving banks during the financial crisis.

However, a broad tax on financial transaction that would also target purchases on bonds and derivatives has been rejected by the United Kingdom and Sweden.

Borg's tentative support for a less radical plan primarily targeting shares could open the door for a pan-European levy on company shares.

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