Democrats, Five Star Back Conte to Lead New Government: Italy Update
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Italy’s anti-establishment Five Star Movement and center-left Democratic Party agreed to form a new government led by Giuseppe Conte, capping days of stop-and-go negotiations and bickering over cabinet posts. Both parties on Wednesday afternoon met with President Sergio Mattarella, the only one with the power to appoint the prime minister or dissolve parliament. Matterella is poised to make a decision later Wednesday or Thursday morning. Bond investors are pricing in a positive outcome that would avoid snap elections.