Italy M5S leader says govt deal would be 'bomb' for establishment

Movement leader Luigi Di Maio speaks following a talk with Italian President Sergio Mattarella at the Quirinal Palace in Rome

Movement leader Luigi Di Maio speaks following a talk with Italian President Sergio Mattarella at the Quirinal Palace in Rome

The draft, seen by HuffPost Italia, calls for €250bn (£220bn; $295bn) of Italian bonds bought by the European Central Bank to be cancelled.

This year's "State of the Union" conference opened in Florence on Friday (11 May), coinciding with the news that Italy is likely to get a coalition government of two Eurosceptic forces, both keen on leaving the eurozone.

President Sergio Mattarella has demanded action after a third inconclusive round of coalition talks and warned party leaders to find an agreement, accept a "neutral government" or face new elections.

The 5-Star Movement and the League have been negotiating a power-sharing deal since last Wednesday, when Salvini's right-wing coalition partner, former Prime Minister Silvio Berlusconi, gave the green light for the pair to form a government without his Forza Italia party.

Mr Di Maio also targeted the UK's Financial Times for a story headlined "Rome opens its gates to the modern barbarians".

Italian bonds and stocks were sent sharply lower on Wednesday, with investors spooked by a draft proposal from Italy's two main populist parties to radically change the country's relationship with the rest of Europe.

Italian newspaper il Giornale - otherwise highly supportive of Salvini's populist Lega party - declared the delay the work of amateurs, noting that new discussions could add days more onto Italy being without a functioning government.

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With hard decisions to be taken, the League revived some of its campaign rhetoric, taking aim at European Union budget restraints which impose de facto limits on how much a government can spend to kick-start its economy. This would lower Italy's public debt, now at 130% of national output.

The two parties are planning a budget worth tens of billions of euros, with plans for a minimum universal income and a flat tax of 15% for low and middle earners.

Another commission vice president, Jyrki Katainen insisted that the stability and growth pact rules "apply to all the member states".

They are still discussing how they want to tighten immigration which they denounce in the leaked draft as "unsustainable for Italy".

There is still no word on who the parties want to lead the government.

Matteo Salvini, leader of the anti-mass migration populist Lega, and Luigi Di Maio, leader of the anti-establishment populist Five Star Alliance, have been locked in round after round of talks about forming a new government which has been claimed would be a nightmare scenario for the European Union - but negotiations appear to have stalled. "Now it's time for legality, security and expulsions", Salvini said.

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