Excessive finance plague of 21st century: Tremonti

MILAN (Reuters) - Italy's Economy Minister Giulio Tremonti called excessive financing and oil and commodities speculation "the plague of the 21st century," adding his government was seeking to increase margin deposits on speculative contracts.

"Excessive financing, deviated financing, the excess of financing are the plague of the 21st century," Tremonti told La Padania, the Northern League political party's newspaper, in an interview published on Saturday, adding high oil prices were due to speculation.

"What we are seeing now is that the number of (speculative) contracts is hugely superior to the number of (crude) barrels," he said.

"This excess, which has led to a price explosion, is producing devastating social effects. In poor countries it causes food protests, in rich countries it progressively worsens social wellbeing...This is why speculative finance produces effects typical of plague."

Italy's government had asked for an increase in deposits on speculative contracts to dissuade speculation, but the proposal was not approved, Tremonti said, without giving further details.