"When it comes to the Italians, we are not ready to refuse them anything," Conte told reporters at a forum in Rome.
READ MORE: EU Rejects Italy Budget Plan, Prepares for Sanctions
He denied leading a rebellion against EU auditors who gave Italy three weeks in October to amend its budget proposal. The draft was rejected against this Wednesday.
"We have a common goal with Europe. We are working to reduce the debt," the defiant prime minister said, adding "the rebellion against the EU is a figment of the imagination."
On the same day, EU Economic and Financial Commissioner Pierre Moscovici warned Italy that its behaviour warranted a debt-based excessive debt procedure, which could lead to fines.
Italy’s debt load has reached 131 percent of its domestic output. The European Commission told Rome to cut the deficit by 0.6 percent in 2019. Instead, it is set to grow by around 1 percent.