Italy driving away investors while blowing up internally

Hmmmm, I just don't see this as driving investment money into Italy. I think they got this 100% wrong. ---------------------------------------------------------------------------- NOTIFICATION -NEW ITALIAN FINANCIAL TRANSACTION TAX (IFTT) Interactive Brokers would like to inform clients of the Italian Financial Transaction Tax (IFTT) which comes into force 1 March 2013. Key information regarding this new tax is provided below: Tax Rate: The rate is currently set at 0.12% (12 basis points) Tax Base: The tax is assessed on the purchase of certain Italian equities and ADRs. The tax is due on the net position delivered on settlement date, as such purchases and sales which settle at a common depository will be eligible to be netted for determination of the tax. Effective Date: The IFTT is applicable to trades on applicable securities commencing on March 1, 2013 Transaction Types: The IFTT will be applied to both exchange trades and to the purchase of shares resulting from an options exercise or assignment, or futures contract delivery. Derivatives: The Italian FTT will apply to derivative transactions effective July 1, 2013. IB will provide updated information regarding the rates as additional information becomes available. For a current list of companies subject to IFTT as of March 1, 2013 click here. The following public link may provide additional information for interested investors: link Interactive Brokers Customer Service