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Italy bank shares fall on govt's surprise windfall tax
Italy bank shares fall on govt's surprise windfall tax
Business and Economy
by  AFP

Shares in Italian banks plunged early Tuesday after the country's right-wing cabinet approved a surprise 40 percent windfall tax on "surplus profits" generated by the rise in interest rates. He told reporters in Rome after the cabinet meeting that the tax would be levied on banks' "surplus profits" generated by the European Central Bank's interest rate hikes.