Brazil had taken a 2-0 lead through goals from Fred and Oscar, as they looked set for a useful win.
However Daniele de Rossi brought Italy back into the game and then Balotelli stole the show with a superb curling effort to make it 2-2.
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The reputation of the Premier League means it is the most popular and one of the most watched leagues in the world.
Five English clubs will compete in the last sixteen of the Champions League for the first time ever as Liverpool, Manchester United, Manchester City, Chelsea and Tottenham face some difficult away matches.