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Spain Keeps Banks Guessing on Windfall Tax Ahead of Meeting

  • Economy Minister Calvino plans to meet bankers next week
  • Tax to raise 3 billion euros from lenders over next two years
Spanish banks have lost billions in market value since Pedro Sanchez announced a tax on big financial institutions.

Spanish banks have lost billions in market value since Pedro Sanchez announced a tax on big financial institutions.

Photographer: Pierre-Philippe Marcou/AFP/Getty Images

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The Spanish government is keeping banks in the dark about the details of a new windfall tax ahead of a meeting with lenders next week.

In separate interviews Thursday, the two top policymakers overseeing the new levy, Budget Minister Maria Jesus Montero and Economy Minister Nadia Calvino, both avoided saying how it might actually work. Calvino did say that the government would summon banks for a meeting next week to discuss the measures.