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The Anti-EU Lega and anti-establishment Five Star Movement have already agreed on a coalition and will seek formal permission to form a government from Italian President Sergio Mattarella this afternoon. The coalition, which has already stated its aim to ignore EU rulings which don’t dovetail with its own aims, is Brussels worst nightmare – and makes Britain’s Brexit vote look like a minor Euro-policy hiccup. The round of talks between the two parties which took place during the weekend has seen Lega’s Matteo Salvini and Five Star’s Luigi Di Maio drafting their “Contract for the Government of Change”, which include a series of expensive economic promises and disruptive political changes. Their plan, which would come at a combined estimated cost of £110billion (€124.5bn), includes a flat tax as low as 15 percent, a guaranteed income for the poor and a lower retirement age, currently set between 63-65.

We will need to renegotiate EU agreements to stop Italy suffocating Matteo Salvini

Implementing these measures would see Italy’s deficit skyrocket well above the targets agreed with the EU. The moves could even bankrupt the nation and fly in the face of stringent EU rules on spending. But the two eurosceptic parties look set to bring their changes forward no matter what Brussels thinks, pushing for a strategy focused on Italy becoming more independent from the bloc. Mr Salvini said: "We will need to renegotiate EU agreements to stop Italy suffocating.”

GETTY•EPA Italy news: Luigi Di Maio and Matteo Salvini may create a government together today

And Mr Di Maio said that both Europe and the Euro needs to be “entirely changed.” Explaining that it is time for a “deep reflection” on how to pursue changes to the EU, Mr Di Maio also attacked one of the EU's golden rules, its deficit limit: “I think we all agree that the deficit threshold of 3 percent of GDP should be reviewed or replaced.” And more disruptive measures could be on their way if the two leaders create a joint Cabinet. Five Star’s founder Beppe Grillo has recently reintroduced the idea of holding a referendum on the euro, a currency which has been blasted as “German” by Mr Salvini. The populists could also call for a tougher stand against immigration, closing Italy’s border to migrants coming from war-stricken countries and redirecting them to other EU’s coasts.

GETTY Italy news: Sergio Mattarella issued an ultimatum last week

GETTY Italy news: Mr Salvini said Italy will have to renegotiate EU agreements