Italy's parliament failed Wednesday in the latest bid to elect a new president for the court in the third round of voting, which ended in a stalemate, as fighting party leaders started trying to shift the blame on each other for pushing the country toward a political crisis.

Prime Minister Mario Draghi, the frontrunner for President ahead of the election, only received five votes as parties tried their best to pull him from the post.

Political analysts say that moving the former governor of the European Central Bank to the presidential palace could have a disastrous impact on the ruling coalition and subsequently lead to snap elections.

Parliament will vote on a president for the fourth time on Thursday, and it could potentially see lawmakers agreeing on a candidate as the threshold for victory now falls from a two-thirds majority to an absolute majority.

The post of president in Italy is merely ceremonial, but in times of crisis, the president wields great power. Doubts over candidates saw over 400 out of 1,000 voting MPs, senators, and regional representatives casting blank ballots on the third round of voting.

Outgoing president Sergio Mattarella, 80, won the most votes - 125 ballots. Despite being the most popular candidate among the voting figures, Mattarella has repeatedly ruled out serving a second term.

Draghi was brought in to lead a national unity government a year ago, and some saw him as the best presidential candidate due to his perceived skill in ensuring political stability.

The majority, however, sees he should remain the prime minister to oversee reforms demanded in exchange for funds from the EU's post-pandemic recovery scheme.

Rome, once home to the most COVID-19 cases in Europe, is the biggest beneficiary of the program, with benefits amounting to $225 billion.

Draghi had made a nod to wanting to become President last month, but, for the most part, he has not made any direct statements about the issue.