Latex rendering fails in ipython

[haansn08]

In ipython --pylab after issuing the command title(r'$\alpha > \beta$') I get following output and nothing is displayed:

In [77]: title(r'$\alpha > \beta$')
Out[77]: <matplotlib.text.Text at 0x7f5bd09240f0>

In [78]: Traceback (most recent call last):
  File "/usr/lib/python3.4/site-packages/matplotlib/backends/backend_qt4.py", line 374, in idle_draw
    self.draw()
  File "/usr/lib/python3.4/site-packages/matplotlib/backends/backend_qt4agg.py", line 154, in draw
    FigureCanvasAgg.draw(self)
  File "/usr/lib/python3.4/site-packages/matplotlib/backends/backend_agg.py", line 451, in draw
    self.figure.draw(self.renderer)
  File "/usr/lib/python3.4/site-packages/matplotlib/artist.py", line 56, in draw_wrapper
    draw(artist, renderer, *args, **kwargs)
  File "/usr/lib/python3.4/site-packages/matplotlib/figure.py", line 1035, in draw
    func(*args)
  File "/usr/lib/python3.4/site-packages/matplotlib/artist.py", line 56, in draw_wrapper
    draw(artist, renderer, *args, **kwargs)
  File "/usr/lib/python3.4/site-packages/matplotlib/axes.py", line 2088, in draw
    a.draw(renderer)
  File "/usr/lib/python3.4/site-packages/matplotlib/artist.py", line 56, in draw_wrapper
    draw(artist, renderer, *args, **kwargs)
  File "/usr/lib/python3.4/site-packages/matplotlib/axis.py", line 1094, in draw
    renderer)
  File "/usr/lib/python3.4/site-packages/matplotlib/axis.py", line 1043, in _get_tick_bboxes
    extent = tick.label1.get_window_extent(renderer)
  File "/usr/lib/python3.4/site-packages/matplotlib/text.py", line 755, in get_window_extent
    bbox, info, descent = self._get_layout(self._renderer)
  File "/usr/lib/python3.4/site-packages/matplotlib/text.py", line 321, in _get_layout
    ismath=False)
  File "/usr/lib/python3.4/site-packages/matplotlib/backends/backend_agg.py", line 205, in get_text_width_height_descent
    renderer=self)
  File "/usr/lib/python3.4/site-packages/matplotlib/texmanager.py", line 666, in get_text_width_height_descent
    dvifile = self.make_dvi(tex, fontsize)
  File "/usr/lib/python3.4/site-packages/matplotlib/texmanager.py", line 413, in make_dvi
    'LaTeX: \n\n' % repr(tex)) + report)
RuntimeError: LaTeX was not able to process the following string:
'lp'
Here is the full report generated by LaTeX: 

This is pdfTeX, Version 3.1415926-2.5-1.40.14 (TeX Live 2013/Arch Linux)
 restricted \write18 enabled.
entering extended mode
(./c5383a18897d5b8dd569836a32b6a2df.tex
LaTeX2e <2011/06/27>
Babel <3.9h> and hyphenation patterns for 78 languages loaded.
(/usr/share/texmf-dist/tex/latex/base/article.cls
Document Class: article 2007/10/19 v1.4h Standard LaTeX document class
(/usr/share/texmf-dist/tex/latex/base/size10.clo))

! LaTeX Error: File `type1cm.sty' not found.

Type X to quit or <RETURN> to proceed,
or enter new name. (Default extension: sty)

Enter file name: 
! Emergency stop.
<read *> 

l.3 \renewcommand
                 {\rmdefault}{pnc}^^M
No pages of output.
Transcript written on c5383a18897d5b8dd569836a32b6a2df.log.

[mdboom]

This is the key line:

! LaTeX Error: File `type1cm.sty' not found.

You probably need to install the texlive-type1cm package on your system.