Italy’s 89-year-old President announces to Formally Resign on Wednesday

The 89-year-old President Giorgio Napolitano will leave his post today  and formally resign on Wednesday as Italy's six-month presidency of the European Union ends, Prime Minister Matteo Renzi announced.

Napolitano was first elected to parliament in 1953 and became president in 2006 as a prominent member of the Democratic and  the rebranded Cold War-era Communists.

There are concerns of the forthcoming elections due to take place in Greece on Jan 25 which point to a likely victory for the far-left Syriza party. That election was triggered by the failure of the country's prime minister to win support for a president.

The search for a new Italian head of state comes at a difficult time for Renzi. He is thought to have many enemies in his own Democratic Party (PD) .