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Details of EU transaction tax ready by year end -Fekter

LUXEMBOURG, Oct 9 (Reuters) - The 11 euro zone countries that agreed to push ahead with a tax on their financial transactions will present a model for how this could work by the end of the year, Austrian Finance Minister Maria Fekter said on Tuesday.

After heavy diplomatic pressure from Berlin overnight, Spain and Italy agreed at a meeting of EU finance ministers in Luxembourg on Tuesday they would support the measure. Slovakia and Estonia said they would throw their weight behind it too.

"We have really only created the on-ramp to the highway, we still have to go a long way to agree on a model, on how it should be formulated in detail, which products," Fekter told journalists after the meeting. "This should be worked out by Christmas."

Implementation by 2014 was realistic, she added. "A one year time frame for implementation is not too short." (Reporting By Eva Kuehnen)

((eva.kuehnen@thomsonreuters.com)(49 69 75651244)(Reuters Messaging: eva.kuehnen.thomsonreuters.com@reuters.net))

Keywords: EU TAX/AUSTRIA