'set to BOW DOWN to EU pressure' over deficit budget after Juncker GREECE ...

Italian Prime Minister Giuseppe Conte and European Commission President Jean-Claude JunckerItalian Prime Minister Giuseppe Conte and European Commission President Jean-Claude Juncker (Image: GETTY)

But now may be on course for a grovelling backtrack by seeking to appease their EU partners.

New plans could see the Italian government aim to gradually reduce its targeted gap to 2.2 percent in 2020, and 2 percent in 2021, according to Italian newspaper Corriere della sera.

Italian Prime Minister Giuseppe Conte will meet ministers to discuss the budget this morning.

The backtrack comes just 24 hours after the Deputy Italian Prime Minister Luigi Di Maio, of the Five Star Movement, vowed would defy pressure from the EU over the deficit budget plans.

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Mr Di Maio had said: ”We are not turning back from that 2.4 percent target, that has to be clear.

"We will not backtrack by a millimeter."

Italian economy minister Giovanni Tria was forced to defend the deficit budget over the weekend as he pledged the debt level will be brought under control.

He suggested this would be possible by seeing growth in through

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