2023-08-08 20:28:22
The securities of Italian banks plunged on the Milan Stock Exchange on Tuesday, following the decision of the government of Giorgia Meloni to levy a 40% tax on their “superprofits” generated by the rise in interest rates. Around 3:30 p.m., all banking shares fell: Intesa Sanpaolo lost 8%, Unicredit 6.5%, Monte dei Paschi di Siena 8.8%, Bper Banca 10.3% and Banco Bpm 9%, in a market down 2.2%.
Italy intends to levy a tax to offset the cost to households and businesses of soaring interest rates, Deputy Prime Minister Matteo Salvini announced on Monday August 7. This rise in rates, which has significantly increased the profits of banks, has harmed their customers who are bearing the full brunt of the increase in their borrowing rates, deplored Matteo Salvini following a Council of Ministers. “It is not a few handfuls of millions, but a few billions. It’s a fairness measure.“, assured the boss of the League, a far-right party member of the government coalition led by Giorgia Meloni.
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