Silvio Berlusconi, hitherto seen as the potential spanner in the works, slipped back in the final days of campaigning, drawing flak for making lewd remarks to a woman during a speech and condoning bribery in a TV interview.
Grillo has surfaced as the new bogeyman for the markets, his popularity threatening gridlock in Parliament or a weak centre-left coalition which will collapse within months.
His manifesto combines pro-environment policies with a crackdown on parliamentary privileges, a living wage for the jobless using cuts from military spending, slashing top managers' wages, broadband for all, bike lanes and the right for priests to have children "so they don't touch other people's".
But what has spooked the markets is his commitment to hold a referendum on leaving the euro and a temporary freeze on interest payments on Government bonds, which could lead to default.
-Observer