Italian party asks for more time to form govt.

Matteo Salvini speaks to the media during the second day of consultations with Italian President Sergio Mattarella at the Quirinal Palace in Rome

Matteo Salvini speaks to the media during the second day of consultations with Italian President Sergio Mattarella at the Quirinal Palace in Rome

The two parties have held six days of talks aimed at putting together a coalition government and ending 10 weeks of political stalemate following an inconclusive election on March 4.

"It would be insane to give up at the moment of truth", League leader Matteo Salvini said in a live video stream on Facebook, adding that he would not be intimidated by negative reaction from financial markets or attacks from the media.

Five-Star party members will be asked to approve on an online vote the German-style five-year "contract of government" being hammered out with the League, Five-Star leader Di Maio has said.

Speaking to reporters in parliament, Salvini said the policy agenda the two parties have been working on for a week was "almost finished", and he and 5-Star leader Luigi Di Maio would meet with President Sergio Mattarella "even before Monday".

Salvini, saying he was "optimistic but realistic" about a deal, took rhetorical aim via social media at European Union migration commissioner Dimitris Avramopoulos.

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.

The League has pledged to introduce a flat tax rate of 15 percent, which would lower tax revenues by some 80 billion euros ($95 billion) per year, according to some estimates, while 5-Star has pledged new welfare payments for the poor at 17 billion euros.

The debt wipe would cut 10 percent off Italy's debt/GDP ratio but the European Union will be concerned this sends a negative message to other Eurozone countries still in the middle of tough austerity measures.

The two main parties negotiating the formation of a government in Italy called on Brussels to stop interfering in the process.

He also said the only alternative to a deal was another election.

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