Italy to Tap Banks, Insurers for €3.5 Billion in Budget Plan [Yahoo! Finance]
INTESA SANPAOLO S/ADR (ISNPY)
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Source: Yahoo! Finance
Most Read from Bloomberg “As we promised, there will be no new taxes for citizens,” Meloni said in a post on X on Tuesday. “€3.5 billion from banks and insurance companies will be allocated to healthcare and the most vulnerable.” She didn't specify how that money would be collected or over what time frame. The Treasury confirmed that the financial sector will help cover spending, but also failed to provide details. Finance Minister Giancarlo Giorgetti is set to hold a press conference on Wednesday at 11 a.m. in Rome. The budget was agreed by ministers at a gathering late on Tuesday, just in time to meet a deadline to submit the plan for European Union scrutiny. The measures still need to be submitted to parliament for signoff. The outcome, in a package with a gross value of €30 billion ($33 billion) for 2025, ends weeks of government agonizing over how to reconcile a vow to accelerate Italy's deficit cutting with the political necessity of meeting expensive election promises.
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