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Populist parties agree on candidate to be Italy's new Prime Minister

Five Star Movement leader Luigi Di Maio talks with the press after speaking with Presdent Matarella
Five Star Movement leader Luigi Di Maio talks with the press. Michele Spatari/NurPhoto via Getty Images

Giuseppe Conte, a law professor with no political experience, has been nominated by Italy's populist coalition-in-waiting to be the next prime minister. Luigi Di Maio, leader of Italy’s anti-establishment Five Star Movement, met with President Sergio Materella and proposed Conte for the role.

The big picture: The Five Star Movement and the League are on the verge of forming the next Italian government after a shocking result in last march's election. The markets have been rallying against Italian bonds in fear that the new government's policies will deepen Italy's fiscal crisis and harm relations with the European Union.

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