Global fund funded by bank tax scrapped

Though, Basel III the-were-doing-something-word still in play, but slowed
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http://www.reuters.com/article/idUSTRE6540B120100605
Quotes, "Attempts to introduce a global bank levy were finally ditched in the face of opposition from Japan, Canada and Brazil."

"[M]inisters sought to keep plans for tough new Basel III bank capital and liquidity rules on course for implementation by the end of 2012 despite deep-seated concerns among several countries. "

"Financial Stability Board Chairman, Mario Draghi, told reporters. "We are on track to deliver the proposals at the Seoul summit in November. Ministers are fully engaged in finding the right compromises. "

"The key thing is to start the implementation in 2012. Then we will kind of find out what are the most appropriate transition times," Draghi said. "

"Draghi said two percentage points of higher capital requirements would halve the probability of systemic risk." [Non sense.]

"Draghi, who overseas implementation of the G20's financial reform pledges, said Basel was not expected to take full effect by that deadline. Several finance ministers signaled that a lengthy phase-in for Basel III beyond 2012 was now inevitable. "