The parties' leaders, Luigi Di Maio of M5S and Matteo Salvini of the League (who counts the likes of Marine Le Pen and Viktor Orbán as his allies), were quick to say this leak was premature, and a later version of their contract showed the section on Europe had been much watered down.
5-Star's parliamentary party leader Danilo Toninelli told state television Rai: "The only way to get a serious government is to return to the polls".
The two parties have been locked in talks to reach a coalition government agreement and bring an end to two months of political deadlock following inconclusive elections.
Di Maio said that any accord would be put to party supporters for online approval and full details would be available for their perusal by the weekend.
In a direct challenge to European Union fiscal rules, the draft accord also wants the bloc to create fiscal headroom for spending by adjusting the formula used to calculate Italy's debt burden, which the rules say must be reduced.
While Five Star's Di Maio's programme is compared to a child's picture book (above), Italian President Sergio Mattarella is pictured (below) in imagined consultations with potential coalition partners. The League is also pushing an ambitious overhaul of the justice system.
"For small caps, they are not exposed to a lot of the risks that larger caps are facing", McMillan said.
"We will see and we will work with the government and the president [Sergio Mattarella]", a source in Paris said, pointing out that "Mattarella said that "Europe is his absolute priority" and that "M5S "Europeanised" its positions during the campaign".
While in Rome the leaders of the Five-Star Movement (M5S) and the League are taking more time to form a government, the European Union is in a state of uncertainty - waiting for the impact of a eurosceptic leadership in its fourth-largest member.
Berlusconi had promised his party's voters quick deportations for the hundreds of thousands of migrants who are ineligible for asylum.
Mr. Di Maio said he understood that an alliance of the 5-Star Movement and the League may "scare a part of the European establishment".
Forging a coalition would put the 5-Stars in Italy's national government for the first time.
The 5-Star Movement's appeal has surged in the south, where youth unemployment that stands at a rate of more than 50 percent in many areashas made Di Maio's pledge to guarantee a minimum income to the unemployed immensely attractive.
A 39-page document agreed to Wednesday night drops the writeoff demand but says that euro-area government bonds already purchased by the European Central Bank under quantitative easing should not count towards the debt-to-gross domestic product ratio, according to the Five Star official.
This will now be something to watch as populism is back on the agenda for markets where the coalition has radical ideas to free up billions of euros for tax cuts and welfare.