>> Meet Italy's new Prime Minister, a man who until next week the majority of Italians had never heard of. His name is Giuseppe Conte, a law professor with no political experience. Conte was plucked from obscurity by the anti-establishment Five Star Movement and the far-right League to hit their big-spending government on Monday.
Reuters' Steve Share in Rome explains the choice.>> The leader of the far-right league, Mateo Salvini, won fewer votes than the Five Star Movement did. And he doesn't want to let leader of the Five Star to become prime minister. So he is 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 Italy been in limbo since March's inconclusive election, President Sergio Mattarella took his time to endorse Conte Only handing him the mandate to form a government late on Wednesday night.
The 53-year-old has already faced accusations this week of inflating his academic credentials, something he denies. But both parties stuck by him and piled pressure on Mattarella to accept their recommendation. Conte now must prove he can lead the Eurozone's third-largest economy.>> A daunting task.>> There's been a lot of nervousness by the financial markets.
And they're very concerned that the two parties, the new government will essentially go on a spending spree and hike what is already the Eurozone's second largest debt as a percentage of output. It's worth more than 130% of GDP. It's always been the ball and chain for Italy.>> Conte will now return to Mattarella with his cabinet team and could have his government sworn in early next week.