The longest-ever political crisis in the history of the Italian Republic looks over after a long day of talks between all political forces.
Lega’s Matteo Salvini and Five Star Movement’s Luigi Di Maio found an agreement and assigned the eighteen ministerial posts available after a four-hour long meeting.
The eurosceptic pair will both be deputy prime ministers of a government led by law professor Giuseppe Conte, who returned to Rome after his resignation last week.
And europhile President Mattarella gave his blessing to all the decisions taken by Mr Salvini and Mr Di Maio, as the man he regarded as the main problem to the formation of the new executive, anti-euro economist Paolo Savona, has been moved from the Economy Ministry to the European Affairs one.
The role of economy minister will go to finance professor Giovanni Tria.
Following a meeting with Mr Conte at 10pm (9pm GMT) on Thursday, President Mattarella said: “A difficult journey just ended, I wish the best to everyone.”
And Mr Conte said: “We will work hard to achieve the objectives of the contract, we will work with determination to improve the quality of life of all Italians.”
Today at 4pm local time (3pm GMT) the prime minister will be sworn in at the Quirinale, President Mattarella’s residency, marking the beginning of Italy’s 18th government.
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9.45am update
Mr Di Maio took to Facebook to express his satisfaction over the agreement reached yesterday.
Uploading a picture showing Five Star Movement's founders comedian Beppe Grillo and late entrepreneur Gianroberto Casaleggio shaking hands, he added: "Dreams come true."
9.35am update
Mr Salvini reacted on Facebook to a scathing attack from centre-left Democratic Party (PD)'s head of MPs, Graziano Delrio, who called his party "neofascist".
The Lega leader used a quote commonly attributed to Mark Twain to Oscar Wilde to reply.
He wrote: "It's better to keep your mouth shut and appear stupid than open it and remove all doubt."
Mr Delrio accused Mr Salvini of "playing cat and mouse" with Mr Di Maio.
He said: "Salvini's plan is clear, he wants to carry Italy outside of Europe and the euro, he is playing cat and mouse with Di Maio, who said he doesn't want these things to happen.
"If he doesn't, then he can't form an alliance with Lega.
"Salvini's party is neofascist, he works and has dinner with European neofascists."
09:15am update
The possible end of the crisis in Italy after almost three months of political deadlock has calmed down the markets after a week of tumultuousness.
Italian two-year yields, which soared to five-year highs above 2.7 per cent on Tuesday in a throwback to the euro debt crisis, retreated back to Monday's levels.
But the anti-euro agenda and the spending plan announced by the two populist leaders may upset the markets soon once again, according to Antoine Bouvet, rates strategist at Mizuho International.
He said: "We think the relief rally in Italian BTPs (bonds), stemming from the reduction in uncertainty in the near term, should prove short-lived.
"The fiscally profligate agenda remains."
09:00am update
China is "happy to see political stability in Italy", said Hua Chunying, the spokeswoman for Chinese foreign ministry, at a regular briefing with the press in Beijing.
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