It seems to me that the idea of not recognizing the result is losing strength by the hour.
He is too much of a realistic businessman that if he really felt the situation was desperate, or unsalvageable, he would probably look for an exit strategy. The fact that he is doing this is significant, in my mind - that he feels he can probably change the situation.
The outcome might very well be that together with (Berlusconi?s) defeat this time we may also see his disappearance from the political scene.
The future looks like an unstable government. For now, I don't think this is a government that promises to last very long.
All of this is certainly not positive for Italy's image abroad.