>> This man could be Italy's next Prime Minister. His name is Giuseppe Conte. If you've never heard of him, you're in good company, neither have the vast majority of Italians. Conte was plucked from obscurity by the Anti-Establishment Five Star Movement and the Far Right League as a frontman to head their big spend in government.
Reuters Steve Shera says Conte is a law professor with no political experience.>> The leader of the Far-Right League of Matteo Salvini won fewer votes than the Five Star Movement did. And he doesn't want to let the leader of the Five Star become Prime Minister. So it's a bit of a, he's a compromise candidate.
He's meant to sorta put everyone at ease and perhaps maybe make both parties feel like they have an equal influence on the Prime Minister. Or at least that the Prime Minister won't sort of go rogue and start making his own policies that have no connection to either party.
>> Despite the country being in limbo since March's inconclusive election, President Sergio Matarella hasn't immediately endorsed Conte, instead playing for time. On Tuesday, questions were raised about Conte's academic credentials. The Five Star Movement denies there's any anything false on his CV. Conte would head a government with a plan to call for billions in tax cuts, additional spending on welfare, a roll back of pension reforms, and a revision of key EU rules.
>> There's been a lot of nervousness by the financial markets and they're very concerned that the two parties that the new government will essentially go on a spending spree, and hike what is already the Euro Zone's second largest debt as a percentage of output. It's worth more than 130% of GDP.
It's always been sort of the ball and chain for Italy.>> If Italy doesn't keep its debt under control, summer economist says it could put at risk the very existence of the Euro Zone.