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Economy at stake in Italian parliamentary elections

While investors and EU countries watch closely, Italians go to the polls on Sunday and Monday to vote for parliamentary representatives. Those elected could impact how Italy copes with its financial crisis.

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A man casts his vote for the Italian Senate, in Piacenza, Italy, Sunday. Italy votes in a watershed parliamentary election Sunday and Monday that could shape the future of one of Europe's biggest economies.

Marco Vasini/AP

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Will Italy stay the course with painful economic reform? Or fall back into the old habit of profligacy and inertia? These are the stakes as Italy votes in a watershed parliamentary election Sunday and Monday that could shape the future of one of Europe's biggest economies.

Fellow EU countries and investors are watching closely, as the decisions that Italy makes over the next several months promise to have a profound impact on whether Europe can decisively put out the flames of its financial crisis. Greece's troubles in recent years were enough to spark a series of market panics. With an economy almost 10 times the size of Greece's, Italy is simply too big a country for Europe, and the world, to see fail.

Leading the electoral pack is Pier Luigi Bersani, a former communist who has shown a pragmatic streak in supporting tough economic reforms spearheaded by incumbent Mario Monti. On Bersani's heels is Silvio Berlusconi, the billionaire media mogul seeking an unlikely political comeback after being forced from the premiership by Italy's debt crisis. Monti, while widely credited with saving Italy from financial ruin, is trailing badly as he pays the price for the suffering caused by austerity measures.

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