Just days ago fresh elections had seemed inevitable, but on Thursday, President Sergio Mattarella named political novice Conte as prime minister for the second time in less than a fortnight and approved his revised government forged by the nationalist League and anti-establishment Five Star Movement.
28 May: In a day of rapidly moving events, Mr Conte takes his cabinet choices to Mr Mattarella but the president vetoes the choice of Paolo Savona as finance minister.
"With the new government, we'll see how to make them respect the rights and dignity of 60 million Italians who want cooperation from Europe, not insults", Salvini said.
Lega leader Matteo Salvini will become the deputy prime minister and minister of the interior, while M5S chief Luigi DiMaio will jointly be deputy prime minister and take over the economic development portfolio.
Earlier this week, Sergio Mattarella invited former economist Carlo Cottarelli to form a government.
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The 5-Star Motion is Parliament's largest get together because of assist from southern Italy, the place voters within the March election preferred Di Maio's promise of a minimal revenue for the unemployed.
President Mattarella reappointed Mr Conte as Prime Minister-designate yesterday to lead the government.
The new government would be expected to take a strong Euroskeptic line and seek confrontation with Brussels on eurozone governance, the European Union budget, Russian Federation sanctions and migration. Following reassuring words about the Euro from the two populist party leaders, a compromise was reached: Savonna was named instead to head the ministry of European affairs and Giovanni Tria, in favor of the Euro, was named economic minister.
"Now we have five years in government", she said.
Italian financial markets jumped on the announcement of the new government formed by the anti-establishment Five Star Movement and nationalist League, whose ministers began taking the oath at the presidential palace at 4 pm.
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Recently, Soros relocated the foundation out of his native Hungary, where right-wing Prime Minister Viktor Orban has accused it of being part of a strategy to flood Europe with migrants - something Soros and his organization deny.
"The party is over" for migrants in Italy, he said, before visiting a so-called "hotspot", or reception centre, in the port of Pozzallo, where boat-borne arrivals are registered, photo-identified and fingerprinted.
The ministers feature a mix of 5-Star and League loyalists and a political neophyte in the form of Premier Giuseppe Conte, who was still teaching his law classes at the university in Florence up until Thursday.
Nobody believes this new government will have an easy ride.
French leader Marine Le Pen hailed the new government as "a victory of democracy over intimidation and threats from the European Union".
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Until Neymar stepped onto the pitch it was Croatia who had the best opportunities in a match that seemed headed for a boring draw. Tite said there was no doubt that Neymar gives them something extra but said that needed to be kept in perspective.