IT’S LOOKING BAD FOR BERLUSCONI, judging by the exit polls.

UPDATE: Could the exit polls be wrong?

ANOTHER UPDATE: Berlusconi now seems to have pulled ahead.

MORE: Reader Gene Dillenburg says he has a safe prediction:

If Berlusconi loses, it will be a referendum on Italy’s involvement in Iraq. If he wins, it will be due to some obscure domestic issues.

Interestingly, when the exit polls had Prodi ahead, it was a lead item on Yahoo news. As the results drew closer, it had dropped off the front page (though now it is back as “too close to call”).

Stay tuned.