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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Summer 2016 is set to be a very exciting time for football fans, as this is when the long awaited Euro 2016 tournament kicks off.
Since Guus Hiddink arrived at the helm, Chelsea have improved considerably after a tricky start to the campaign.