Italian Premier Silvio Berlusconi was able to hang onto his job Friday, after he narrowly survived a confidence vote that prompted renewed calls for him to step down.

His allies clapped when the results of the 316-301 vote were revealed. The result allowed Berlusconi to avoid being ousted from power 1 1/2 years before the end of his mandate.

"Berlusconi is the last of the Mohicans, the only one who believes that with 316 votes he can solve his problems," said Pier Ferdinando Casini, a political rival of the Italian leader.

The 75-year-old Berlusconi has been steeped in scandal for months, a time period in which he has juggled his leadership responsibilities with four criminal trials on charges of bribery, tax fraud, embezzlement and patronizing an underage woman for sex. He has long insisted that he is innocent and merely the target of overzealous prosecutors on a political vendetta.

Amid the many distractions, Berlusconi has come under increased pressure to resign from office, especially as the country struggles with its economy and its mounting public debt.

Italy's debt is second only to Greece within the eurozone and the cost of borrowing has soared in recent months. Additionally, three ratings agencies have downgraded Italy's public debt on account of the political discord in the country and its lack of prospects for growth.

CTV's Tom Kennedy said Berlusconi has argued it is better for the country to stick with a government it knows in a troubled time, rather than roll the dice on one that is unknown.

But with Berlusconi's approval rating at an all-time low, there is a sense that the Italian people are not going to be satisfied with the status quo for much longer.

"The sense is his time is running out," Kennedy told CTV News Channel on Friday.

Sony Kapoor, the managing director of the London-based think-tank Re-Define, said it was the wrong decision for lawmakers to allow Berlusconi to continue to stay in power.

"The best signal that Italy could have sent to the markets would have been to boot Mr. Berlusconi out, but it has failed to do so," Kapoor said Friday.

"With Mr. Berlusconi still at the helm, there is nothing that Italy can do from within that will restore market confidence."

Yet in the moments following the confidence vote on Friday, Berlusconi was immediately putting the focus on Italy's economic challenges, telling reporters about his plans to spur growth.

With files from The Associated Press