Spanish bank stocks fall after government announces plans for temporary tax

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Spanish banks fell sharply on Tuesday after the Spanish government reportedly announced a temporary tax on financial institutions and power companies to help individuals cope with high inflation and power bills. Shares of Bano de Sabadell and CaixaBank each fell over 8%, while BBVA and Banco Santander lost more than 5% each. In his state of the nation address to parliament, Prime Minister Pedro Sanchez said the government would raise 7 billion euros ($7.02 billion) for 2023-2024 by tax on extraordinary profits for the two sectors for the next two years, Reuters reported. He said €2 billion each year would be raised…

This article was originally published by Marketwatch.com. Read the original article here.

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