Italy: Cashing it in.

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The Tax Collectors, Quentin Massys, c1525-30, oil on panel, Kunstmuseum, Liechtenstein.

ITALY. Cashing it in.

Italy announces a one-off tax on local banks.

The Italian government approved a surprise 40% windfall tax on local banks’ profits at a cabinet meeting on Monday. The decision could force banks to collectively give as much as €4.9 billion to the sta…