Ex-IMF economist Carlo Cottarelli is Italy's stop-gap PM

Italian President Sergio Mattarella has asked ex-IMF economist Carlo Cottarelli to form a government as the country faces fresh political turmoil. Mattarella asked Cottarelli to be Italy’s stopgap prime minister – and assemble a technocratic cabinet - after summoning him to the Quirinal Palace in central Rome, as a new sell-off hit Italian bonds and equities. His appointment came after efforts by Italy's two populist parties to form a coalition government collapsed. Carlo Cottarelli became known as "Mr. Scissors" for his cuts to public spending in Italy. Cottarelli studied at the University of Siena and the London School of Economics before joining the research department of the Bank of Italy for six years until 1987. Before going to the IMF, Cottarelli oversaw economic research at ENI, a major Italian energy company. Since leaving the IMF, Cottarelli has held several positions, one of which earned him another nickname "Mr. Spending Review".