It promised to reduce taxes, introduce basic security and reform pensions. Italy's Northern League's leader Mateo Salvini surged in the polls and the party is now the strongest in Italy.

A couple of years ago it was inconceivable that this regional group could become Italy's leading political party. We should expect more to come. As the saying goes, it just could not happen till it happened.

The financial establishments in North European countries like Germany and the Netherlands assume that the politicians of M5S and Lega Nord will follow the Greek script and will backtrack on their promises.

But Mateo Salvini and Prime Minister Giuseppe Conte know that if they do not live up to the expectation of the voters, they will be voted out of office.