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Italy's top two parties demand re-vote rather than…

Italy's top two parties demand re-vote rather than…

Luigi Di Maio, leader of the Five Star Movement, said his party's call for a referendum on Italy's membership of the single currency was a "last resort" to force a relaxation of European Union fiscal rules. Economists worry that such goals are unrealistic given that Italy is deeply in debt ― making up 132 percent of its GDP.

While in Rome the leaders of the Five-Star Movement (M5S) and the League are taking more time to form a government, the European Union is in a state of uncertainty - waiting for the impact of a eurosceptic leadership in its fourth-largest member. But with the two parties having little in common, beyond a distrust of traditional politics, the discussions have been challenging.

The benchmark 10-year U.S. Treasury note yield held well above 3 percent after bursting through key technical levels on Tuesday. The leaked proposals also call for renegotiation of Italy's EU budget contributions, closer ties to Russian Federation and more European co-operation in relation to the refugee crisis.

"It is totally nuts".

League leader Matteo Salvini and 5-Star Movement leader Luigi Di Maio are insisting they are close to a deal created to help ordinary Italians. At the same time the League's hallmark scheme, a flat tax rate of 15 percent for companies and individuals, is to cut tax revenues by 80 billion euros per year.

Other major European stock markets were higher, and the pan-European FTSEurofirst 300 index .FTEU3 rose 0.19 percent, supported by the weaker euro.

The Italian stock market closed at -0.29 percent after taking a 2.32 percent hit on Wednesday.

If this radical populist government had emerged three years ago, there would have been a panic in the bond markets, says Ambrose Evans-Pritchard in The Daily Telegraph.

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If the voters back the two leaders' efforts, the ball will go into president Sergio Mattarella's court.

"They have already become more moderate and this will probably continue".

But on Wednesday morning they issued a joint statement that harked back to the days of the 1980s and early 1990s when Italy's currency was the lira and before the EU's Maastricht treaty began to impose stringent fiscal standards on aspiring members of the euro.

"The more they insult us, the more they threaten us, the more they blackmail us, the more desire I have to embark on this challenge", he said. "At this point, it is not clear", said Mary Ann Hurley, vice president of fixed income with D.A. Davidson in Seattle. Nobile said long-term yields would reach 5 percent by 2022, compared to 4 percent in the baseline and a current yield of 1.9 percent on 10-year bonds.

So far, ambitious plans from French President Emmanuel Macron have met with a cool reception in Berlin. Italy is the Euro area's third biggest economy, and biggest debtor - owing as much as €2trn.

But this week, it reared its head again as Five Star and the League closed in on a deal to form a populist government in Rome.

Central to deeper euro zone integration are plans to make the banking sector more resilient. While the two parties specified they had removed the section on possibly opting out of the euro, they made no mention about the suggestion the European Central Bank should write off this debt.

With tensions high, Valdis Dombrovskis, the vice-president of the European Commission, warned that Italy should maintain its commitment to gradually reduce the public deficit and debt.

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