Italian Entrepreneur Attacks Politicians In Public Letter

In an open letter published by Italy's main newspapers Saturday, one of the country's leading businessmen attacked the whole political class, making no distinctions along party lines and urged immediate action to respond to an economic crisis that could drive Italy to "disaster".

In the letter entitled "Politicians, enough is enough," Diego Della Valle, head and founder of luxury shoemaker Tod's (TOD.MI), wrote that politicians have "cut themselves off from reality," and should be "ashamed" for having damaged Italy's reputation in the world with an "indecent and irresponsible" conduct.

Della Valle's letter doesn't openly name Italian prime minister Silvio Berlusconi or any other politician, but it is seen as widening criticism of the premier's response to the sovereign debt crisis that risks engulfing the euro zone.

The entrepreneur's public attack comes on the back of a call from Confindustria, Italy's main business federation, which Friday issued a manifesto --subscribed to by the main small and big business associations -- asking for government action to stimulate growth by reforming taxes and pensions.

The industry lobby's agenda was drafted in response to the EUR54 billion austerity budget approved last month, which has been widely criticized for relying mostly on tax hikes and doing little to boost growth.

Della Valle's letter generated angry reactions from politicians on both the center-right ruling coalition and the center-left opposition.

But Interior Minister Roberto Maroni, one of the emerging leaders of Berlusconi's key ally Northern League, urged politicians to listen to it, as it was a "strong signal" that couldn't be ignored.

-By Giada Zampano, Dow Jones Newswires; +39 348 7678016; giada.zampano@dowjones.com

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