A draft version of the agreement between Italy’s M5S and Lega has been leaked to the Italian Huffington Post website and it’s not looking pretty, according to analysts at Rabobank.

Key Quotes

“They want the ECB to cancel the EUR 250bn of Italian bonds that are purchased under QE, they want to “radically reform” the stability and growth pact and the fiscal compact, reduce Italy’s contribution to the EU budget, while, at the same time, they also want money from the European Social Fund to fund their basic income plans. And if that’s not enough, they also want to create a mechanism for a Euro exit, scrap sanctions against Russia and implement pension reforms that effectively lower the retirement age. According to M5S/Lega, this is an “old” version of the agreement (even as it is dated May 14...) which has already been revised, most probably after pushback from President Mattarella. To be continued today, that’s for sure, but BTPs are (finally) opening weaker.”

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