Mafia tightens grip on Italy’s economy

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.

Extortionate lending by criminal groups had become a “national emergency”, said the report by anti-crime group SOS Impresa, adding that organised crime generates annual turnover of about €140 billion and profits of over €100bn.

“With €65bn 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.