Rome (CNN) -- Italian Prime Minister Enrico Letta resigned Friday after less than a year in office, according to a statement released by the Italian presidential palace. The country's President, Giorgio Napolitano, has accepted the resignation, the statement reads. Letta, of the center-left Democratic Party, announced Thursday that he would be standing down, plunging the country into fresh political uncertainty. He's likely to be replaced by Democratic Party leader Matteo Renzi, a rising political star who won the party's primary a couple of months ago. Letta's decision followed a Democratic Party meeting at which Renzi said a change of government was needed, in order to bring about reforms and stay in power through 2018.
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Italian Prime Minister Enrico Letta tenders his resignation
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He's likely to be replaced by Democratic Party leader Matteo Renzi
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The third largest economy in the eurozone has had more than its share of political turmoil
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Letta was sworn into office last April, ending weeks of uncertainty after inconclusive elections
@placeholder probably will be asked to form a government by Napolitano but it's not yet clear whether he will be easily able to do so.