11 Jan '12, 3am

The Mafia has now become Italy's 'biggest bank' as economic uncertainty grips the country

ROME (REUTERS) - Organised crime has tightened its grip on the Italian economy during the economic crisis, making the Mafia the country's biggest 'bank' and squeezing the life out of thousands of small firms, according to a report on Tuesday. Extortionate lending by criminal groups had become a 'national emergency', said the report by anti-crime group SOS Impresa. Organised crime now generated annual turnover of about 140 billion euros (S$230.56 billion) and profits of more than 100 billion euros, it added. 'With 65 billion euros in liquidity, the Mafia is Italy's number one bank,' said a statement from the group, which was set up in Palermo a decade ago to oppose extortion rackets against small business. Organised crime groups like the Sicilian Cosa Nostra, the Naples Camorra or the Calabrian 'Ndrangheta have long had a stranglehold on the Italian economy, generating prof...

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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