Italian government's raid on banks undermined by confusion

By Angelo Amante and Valentina Za ROME (Reuters) -A drive to shore up its political base and appeal to the less well off lay behind the Italian government's decision to impose a windfall tax on banks but its clumsy handling could do more harm than good by shaking investor confidence. A market rout prompted a hasty clarification on the one-off 40% bank levy, which the government later said would be capped at 0.1% of bank assets in line with European Union recommendations. The Treasury expects to draw less than 3 billion euros ($3.3 billion) from the measure, sources have said, or roughly 3% of ...