Italy's populists aim to challenge European Union on debt and migrants

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5-Star's parliamentary party leader Danilo Toninelli told state television Rai: "The only way to get a serious government is to return to the polls".

Whether or not the parties push for an exit from the euro, the fact that such a proposal nearly formed a part of their plan for government is a huge moment for the eurozone. Italy is the third biggest economy in the group and the largest in southern Europe.

"Thats life, that's the result of elections in Italy", another official said.

Luigi Di Maio on Monday
Luigi Di Maio on Monday

Di Maio shrugged off such warnings as the protests of "Eurocrats that nobody elected", while on Wednesday Salvini, attacked European Union commissioner Dimitris Avramopolous' request that Italy's new government not change its policy on migration. "I think investors are recognising we are at the beginning of the beginning of this, so it's not anything to make dramatic portfolio moves or any significant bets on", said Katie Nixon, chief investment officer for the wealth management division of Northern Trust in Chicago.

After Berlusconi refused to have anything to do with the 5-Star Movement, who he regards as "more risky than communists", Salvini and Di Maio set out to negotiate an agreement to join forces in government.

The Five Star Movement's Luigi Di Maio after talks at the presidential palace. Once they present it, Di Maio promised an online vote, while the League wants to set up ballots in piazzas across the country.

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The emerging M5S-Lega coalition government is also demanding a revision of the Dublin rules that call for migrants to apply for asylum in the country of entry, while that await a decision on a possible resettlement.

For some, the ECB's dominant position in euro sovereign debt markets and its stated objective of reducing fragmentation of borrowing costs across the zone beyond that acts as a backstop as long as overall euro breakup risks remain low. "But during the campaign, neither party was shy about criticizing the European Union, and their supporters do not expect them to back down".

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A 39-page document agreed to Wednesday night drops the writeoff demand but says that euro-area government bonds already purchased by the European Central Bank under quantitative easing should not count towards the debt-to-gross domestic product ratio, according to the Five Star official. But Giovanni Orsina, a historian at Rome's Luiss University and the author of a book about Mr. Berlusconi, said he could push for some policies behind the scenes.

Both leaders insisted Monday that no names within their future cabinet would be made public before they had been approved by Mattarella. Di Maio has pledged to guarantee a minimum income to the unemployed.

Salvini and Di Maio have both agreed to drop their own ambitions to be prime minister and are looking for a candidate from outside their parties to enact their program. "It would very much put the new government on a Syriza-like trajectory within Europe", Mr Codogno wrote, referring to the leftwing ruling party in Greece.

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