Italian president happy to step down before term ends

Italian President Giorgio Napolitano on Tuesday said he was looking forward to stepping down, which according to local media will happen by Wednesday evening.

"I am certainly happy to go home," Napolitano was quoted by ANSA news agency as telling a child who questioned the president while he was attending a public ceremony.

"I am feeling good here, everything is very beautiful," Napolitano went on saying, referring to the official residence of the President of the Italian Republic, the Quirinal Palace, a major heritage treasure built in 1583.

"However, I feel like being a little bit in prison. At home I will be fine and will walk around," Napolitano added.

Local reports said the 89-year-old president will resign by Wednesday evening.

Italian Prime Minister Matteo Renzi in a speech to the European Parliament to mark the close of Italy's duty six-month presidency of the European Union (EU) on Tuesday said Napolitano would step down "in hours."

Napolitano has made it clear several times that he would not complete his second seven-year term, also confirming this will in his traditional year-end address to the country on Dec. 31.

He had agreed to be re-elected for an unprecedented second term in April 2013 to break a two-month long stalemate in parliament brought about by inconclusive elections.

The president of the Italian Republic has a mainly ceremonial and balancing role, but can become a key player in cases of political instability to help solve major standstills and form governments.