WikiLeaks Reveals True Intent of Secret TiSA Trade Talks

ITUC OnLine

International Trade Union Confederation

International Trade Union Confederation

A WikiLeaks exposé has revealed the true intent behind secret 50-country negotiations on a new “financial services” chapter of the Trade in Services Agreement (TiSA) at the WTO in Geneva.  The draft agreement being discussed by government officials is aimed at weakening financial regulation and giving extra market access to hedge funds, banks, insurers and other providers.

Sharan Burrow, ITUC General Secretary, said, “Governments are negotiating away financial regulation in secret, instead of tackling the unfinished regulation task that triggered the current global economic crisis in 2007.  It defies belief that they are actually planning to help the already ‘too big to fail’ banks and other financial conglomerates to expand.”

“It is deeply disturbing to find out that governments are getting ready to exempt from or expedite the approval of some of the most toxic insurance products, like Credit Default Swaps, and also allow hedge funds and banks to launch ‘unlimited new products’ without proper controls.”

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