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U.S. says EU "exaggerates"
Reuters is reporting that the United States is not worried about having to pay $100 billion to the European Union in reparation for losses sustained from the Unlawful Internet Gambling Enforcement Act.
In the story a U.S. trade official, speaking on condition she not be identified, revealed she could not say how much the compensation would be but she did say that it would come in the form of increased foreign access to the U.S. market.
It seems the EU will not be receiving anything close to what it is demanding.
The anonymous trade official said the numbers put forth by the EU for compensation were "faulty" and "exaggerated."
Last year the public trading value of the online gaming companies behind the EU claim plunged after the U.S. restricted online gambling. The European online gaming firms are some of the biggest in the world.
The case is being watched closely, not only by online gaming advocates, but also by those interested in the viability of the WTO. If the U.S. were to renege on the WTO it would have severe implications for the country's relationship with other WTO member nations. It should be noted the U.S. was one of the organization's founding members.
Meanwhile the U.S. is also involved in a case against Antigua. The small island nation is asking for $3.4 billion in reparation for the losses they took from UIGEA. The U.S. has since low-balled the country by offering a paltry $500,000.
The case is heating up as Antigua is pressing for the right to take the $3.4 billion from the U.S. by suspending copyright protections on American movies, music and software. That means Antigua could offer copyright-protected products to the Internet without doing anything illegal. This threat has the entertainment industries up in arms as the government plans its next move.
The U.S. is currently in talks with six other WTO members regarding compensation, namely India, Japan, Costa Rica, Macao, Canada and Australia.
It remains to be seen what the official U.S. response to the EU will be.
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- U.S. Lowballs Antigua, EU in WTO Dispute
- U.S. WTO Deadline Saturday
- Antigua Goes Before WTO Friday