Italy's League chief sees government program completed Wednesday

Global Markets Dollar hits five-month high political risk jolts Italian markets

Plans by Italy's populist parties to leave the euro and cancel Italy's debt if they form a government have been condemned as unrealistic by analysts.

To help reduce Italy's public debt, which at more than 130 percent of national output is the highest in the eurozone after Greece's, the joint document calls for the ECB to forgive €250 billion of Italian benchmark BTP bonds bought under the bank's so-called "quantitative easing" program. Italy's 10-year bond yield climbed almost 19 basis points to 2.13 percent and that was its highest level since early March and the biggest one-day rise since March 2017.

Avramopoulos praised Italy for the management of the Mediterranean migration crisis, crediting Italy with saving migrant lives at sea.

It could lead to a spate of Eurosceptic, populist parties making promises to clear European Union debt. It contained plans for "economic and judicial procedures that allow member states to leave monetary union". "I wasn't born just to make do".

On Wednesday morning Salvini said that negotiations were nearing conclusion, while Di Maio confirmed the two parties could wrap up the "contract of government" within the day. Salvini also hit back at the Financial Times for comparing the prospect of a League-M5S government to the return to the barbarians to Rome.

Last week Wolfango Piccoli, co-president of Teneo Intelligence, said taking on Brussels would be popular with Italian voters, and the new government had little to fear from the European Commission.

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