Moncloa strikes out "overreaction" the crash of the banking sector in the stock market

The Government considers that the new measures announced by the Chief Executive, Pedro Sánchez, in the Debate on the State of the Nation that began this Tuesday in the Congress of Deputies unite the coalition and that both United We Can and specifically the second vice president, Yolanda Díaz, they are delighted with them, as Moncloa sources have indicated. The aforementioned sources have downplayed the effect that they have had on the stock market prices of banks, which have suffered generalized falls and describe as “overreacting”.

Spanish banks have lost more than €5.3 billion of its value on the stock market in Tuesday’s session after announcing the implementation of a tax that will tax financial entities for two years with the aim of raising 1,500 million for each year. The tax will be temporary and apply to large financial institutions who are already “benefiting from the rate hikes,” Sánchez added. The ad was enough to drop the share price by up to 12%. Despite moderating the falls at the close, in capitalization the latent losses translate into 5,321 million euros. Caixabank was the value most punished with a collapse of more than 8%, its biggest drop since March 2020. In total, the company owned by the State has subtracted more than 1,850 million euros from its stock market value. In addition, Sabadell, also fell more than 7%, which translates into 263 million euros lost in capitalization.

From the Government they defend the aforementioned taxes on banks and energy companies because they go against the extraordinary profits that they are going to obtain for the current economic situation. On the other hand, they think that the PP is surprised by the measures that Sánchez has announced and interpret the fact that the national leader of the PP, Alberto Nunez Feijoo has not taken the floor outside the chamber to assess the announcements to which the ‘popular’ have wanted to lower the institutional profile of the debate. Sánchez has announced new taxes on energy companies and banks that they intend to collect 7,000 million euros in two yearsin addition to free transport subscriptions for Cercanías services and an increase in scholarships for students from the age of 16, among other measures.

The aforementioned sources consider that this series of measures have a deep ideological burden and show that the legislature still has a long way to go. In addition, they think that these measures are of great depth and ambition. fits remember that this very morningBefore the debate began, Yolanda Díaz assured that she did not know the measures that the President of the Government was going to announce. Along the same lines, they consider that they are measures to indicate clearly how to get out of the crisis and that they send the message that the Government is committed, cohesive and that they are going to manage to cushion the crisis. Also, that they provide a deep horizon to the legislature since much remains to be done.