Ferrari chief executive officer Luca Cordero di Montezemolo yesterday called for Prime Minister Silvio Berlusconi to step down and for a new “government of national salvation” to save Italy from a possible debt crisis.

“The Prime Minister must realise the only way of saving the country now is with a government of national salvation,” said Cordero di Montezemolo, who is frequently touted as harbouring major political ambitions of his own.

The comments by the luxury car executive, a former head of auto giant Fiat and of Italy’s powerful employers federation Confindustria, were contained in an open letter published by the leftist daily La Repubblica.

He said that a new government would be better than early elections that could “paralyse the country” because the ruling majority was riven by infighting and the opposition had a “confused economic policy.”

“If Berlusconi continues to put his ambitions before the good of Italy a political journey that has had lights and shadows but does not deserve to sink in the spirit of ‘Apres Moi Le Deluge’ will end in the worst way,” he said.

“There is not a minute to lose. Italians’ savings, social cohesion and Italy’s continued membership of the euro are at risk,” he said.

He also added that reform promises announced by the government last week under pressure from the European Union were “insufficient”. He said there should be urgent action to reduce political costs, enforce flexibility in labour contracts, curb temporary employment practices, overhaul the tax code, reform pensions and liberalise the economy.

Italian businesses have multiplied their criticism of billionaire tycoon Berlusconi’s centre-right government in recent months and some are now openly calling for his resignation after years of support.

Diego Della Valle, chief executive officer of luxury group Tod’s, earlier this month bought advertising space in Italy’s leading newspapers to attack the “indecent spectacle” of Italy’s political life at a time of crisis.