Italian banks recover lost ground as Rome limits windfall tax
Intesa Sanpaolo adds 2.3% after the Italian government limited a windfall tax to 0.1% of assets. – EPA pic, August 10, 2023.
ITALIAN banks yesterday bounced back from the previous day’s losses after the government limited a windfall tax to 0.1% of assets. The sector had shed around US$10 billion Tuesday on an initial announcement of a plan by the far-right government of Giorgia Meloni to take 40% of “surplus profits” before the Fiinance Ministry stepped in to clarify and “preserve the stability of banking institutions” and calm a market storm.
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