Global bank tax loses momentum

Opposition to a global bank tax has grown, with Brazil and Switzerland joining countries that oppose the initiative. The U.S., Germany, France and the U.K. continue to back the idea, which would cover the cost of a financial meltdown. "Finalizing the proposed revisions to the Basel Accord by the end of this year will not give enough time to assess their wider economic consequences and make necessary changes," said SIFMA President and CEO Timothy Ryan.

* Britain, Germany, France favor new global bank taxes

* Tax idea not endorsed by G20 countries

* Coordinated approach to regulation needed-G20

http://www.reuters.com/article/idUSN2312678520100424