Renzi blasts capitalism based on cosy relations

(ANSA) - Milan, May 4 - Premier Matteo Renzi said Monday that the big role that cosy relations between contacts plays in Italian capitalism "must die". "The capitalism of relations has produced some decisively negative effects in Italy," Renzi told a meeting at the Milan stick exchange. "It's time to end a system based more on relations than on transparency. "The world outside is demanding more dynamism and transparency. This is a problem for the managerial class, not just the political one. We're doing our bit, now it's your turn.
    "If the system of capitalism of relations does not die, Italy will die. "Today the political system is out of this game. The business world must give us a hand in changing this system".

Renzi added that the government will present measures in the coming weeks to tackle the problem of the bad loans that are weighing down many Italian banks. "In the coming weeks we will made concrete action on non-performing bank loans and instruments aimed at putting the Italian banking system in the same situation as other European countries," Renzi said.