Anti-establishment Leaders of Italy Form Deal to Resurrect Coalition

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The leaders of the anti-establishment parties of Italy, the Five Star Movement and the League party, have said that “all conditions have been met” to form a governing coalition.

The agreement between Luigi Di Maio and Matteo Salvini averts the possibility of a new snap election which has affected the global markets during the recent weeks.

The two leaders have identified Giuseppe Conte, a law professor, as their choice to continue to serve as Prime Minister and as the leader of the coalition government.

On Facebook, League’s Salvini had written earlier today: “These are the last hours of work to put together the government, and we’re doing all we can to get it done.”

The leaders of the two parties met for several hours in parliamentary offices that are located in central Rome before coming up with an agreement.

The new deal will see Di Maio take the role as the industry minister and Salvini as the interior minister, while Giovanni Tria, the little-known economics professor, will take over the job of the pivotal economy ministry.

Sergio Mattarella, the President of Italy, had earlier torpedoed an initial attempt by the Five Star and League to form a coalition, declining their candidate for the economy portfolio, Paolo Savona, the 81-year-old economist, who has spoken out against the euro single currency.

Global financial markets have been trying to recover during the past two days after experiencing drops earlier this week because of the possibility of a new Italian election dominated by debate over the future of Italy in the eurozone.