Italy Clarifies Windfall Tax

The transcript discusses the recent market turmoil in Italy, where approximately $10 billion was wiped off the value of Italian banks. In response, Italy issued a clarification to calm the markets, stating that a new tax on banks would be limited and not exceed 0.1% of a firm's assets. However, the exact measures remain unclear, leaving questions about the market's future impact.

What is the maximum levy that will be imposed on the banks' assets?

What are the expectations for the market's reaction following the clarification?