The Mafia Is Now Italy’s Biggest Business – Officially

11 Jan 2012 by Simon Gerber in Crime

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Once only confined to smoky speakeasies and gambling halls, the Italian Mafia has now spread to every corner of Italy. A recent study has revealed that The Mafia is now the biggest business in Italy – with an annual turnover of €160 billion. Italy’s four Mafia groups also hold about €65 billion in cash reserves, effectively making them Italy’s biggest bank.

The massive increase in the profitability of the Mafia is due to several factors, but mostly due to the economic downturn in Italy, which has forced many business to look to the Mafia for financial assistance. This boost in loan shark operations has heavily contributed to the Mafia’s annual profit, which is estimated at approximately €100 billion. That’s seven percent of Italy’s GDP.

Failing businesses in Italy normally struggle to get approval on loans, as banks are really not in a lending kind of mood at the moment. They are then driven to bankruptcy by the crippling interest rates charged by the Mafia. According to report, almost 200 000 small businesses have closed their doors as a result of Mafia loans.

Organised crime controls everything from gambling to construction and the disposal of industrial and household waste. Mafia chiefs have also moved into new areas of business such as public health, transport and logistics.

[Source: Telegraph]

 

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