Italian bank stocks plummet after gov't approves windfall tax

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Italian bank stocks plummet after gov't approves windfall tax

STORY: Italian bank stocks plummet after gov't approves windfall tax DATELINE: Aug. 10, 2023 LENGTH: 00:00:28 LOCATION: Rome CATEGORY: ECONOMY SHOTLIST: 1. various of banks in Rome STORYLINE: Italian banking stocks took a beating on Tuesday, after the government passed a measure that will tax the surplus profits of the country's financial institutions at 40 percent this year. Matteo Salvini, Italy's Deputy Prime Minister and Minister of Infrastructure and Transportation, said that the funds raised by the windfall tax would be used to help poor families and small businesses hurt by the increase in interest rates over the last year. The new decree was passed by the Council of Ministers late on Monday. The country's main banks felt the impact of the new policy immediately. The main blue-chip index on the Italian Stock Exchange in Milan finished Tuesday's trading session down 2.1 percent, in what was a mildly negative session across Europe. Paris's CAC-40 index was down 0.69 percent for the day, while the D

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