http://www.magno.me/startup-e-italia-qualcosa-si-inizia-a-mu... Here you can find a quite critical point of view from one of the best italian entrepreneurs and business angel.
Is written in italian for the italians who always criticize the italian venture capitalists, accusing them that they miss some good startups. But venture capitalists in this country are moving and growing, although there are still many gaps about seed capital. Also, the new Italian government has introduced measures to promote venture capital.
By the way, You're hacker enough to translate this post!