(UPDATED) ROME: Italian Prime Minister Mario Draghi resigned on Thursday after efforts to bring the Southern European country's fractious parties to heel failed, kicking off a snap election campaign that could bring the hard right to power.The internationally respected 74-year-old formally handed his resignation to Italian President Sergio Mattarella, whose role it is to now guide the country out of the crisis.

Mattarella is likely to dissolve parliament and call early elections in September or October, according to political analysts. Draghi may stay on as head of the government until then.