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Rory Cellan-Jones reports for BBC News "Gordon Brown isn't
claiming victory just yet"  real 28k  Wednesday, 8 December,
1999, 17:11 GMT EU tax proposals watered down  The City has been
spared the potential fall-out from a Eurobond tax.  The European
Commission has decided that London's Eurobond market - worth
trillions of dollars - will be exempt from plans for a Europe-
wide withholding tax on savings.  However, the proposal applies
only to existing bond issues. British demands that new issues
should be exempted as well were rejected.  Loans, usually taken
out by non-European companies on Europe's financial markets
Issued and traded outside the country whose currency it is
denominated in Examples: US dollar bonds sold in Germany; Yen
bonds sold in London London's Eurobond market is worth more than
$3 trillion a year Eurobond mark