The Italian government sent European markets in a frenzy as comments from Claudio Borghi, who heads economic policy for the ruling Lega party, said the country would be better off if it wasn’t tied to a single currency, the euro, and operated on its own currency.

“I am truly convinced that Italy would solve most of its problems if it had its own currency,” Borghi said in a radio interview, Reuters reported.

Borghi’s comments launched the benchmark 10-year Italian bond to rise to its highest level since March 2014, eclipsing a previous sell-off in May when the country wavered on its commitment to the euro zone.

“Italy is the headliner as Claudio Borghi said the nation could resolve its debt problems with its own currency,” said Joseph LaGrasta, ETF Sales & Trading, at Virtu Financial.  “Yield on Italy’s 10-year approached its highest level in over four years and the spread over German bonds climbed 14 bps to 297. The Euro also dropped to 1.15 which is it lowest level since Aug. Italian Prime Minister said the remarks are personal and has no plan to exit the Euro.”

Related: Italy ETF Pops as Government Allays Budget Fears

Italian bonds have faced mounting pressure the last few months since the anti-establishment coalition of the right-wing League and the 5-Star Movement took over office in June. Analysts have reported that the Italian government will unveil a deficit plan for 2019 that will include a 36 billion euros investment package.

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