Ecuador lawmakers raise bank taxes ahead of election

QUITO (Reuters) – Ecuador lawmakers on Tuesday approved hiking bank taxes to finance cash payments to the poor, a move that could cement President Rafael Correa’s chances of winning re-election, but which banks have described as a confiscation. Correa, the clear favorite to win the February vote, has broad popular support thanks to anti-poverty initiatives and a leftist platform of boosting state involvement in the economy. “They will continue earning, a bit less, but they will continue earning,” Correa told reporters after the law was approved. …

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