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Giuseppe Rossi had a penalty saved, but converted the decider in the last seconds of the game to earn Parma a point.
The pressure was piling up on Claudio Ranieri and he realised home results would be key if the Gialloblu were to avoid relegation. With Domenico Morfeo injured and Vincenzo Grella suspended, they were hoping to improve upon the two straight draws in the last week. Reggina were only four points clear of Parma going into the game, albeit thanks to the 11-point Calciopoli penalty.
Giuseppe Rossi threatened on the counter-attack within the opening couple of minutes, forcing a fine save out of Andrea Campagnolo.
However, it was Reggina who took the lead with a classic counter-attack. Giandomenico Mesto sprinted down the right flank and Rolando Bianchi deposited his cross under the bar with a rising strike.
Ranieri hit the panic button, as after just 19 minutes of play he made two tactical substitutions. Daniele Dessena and Matteo Contini made the humiliating walk off the field for Andrea Gasbarroni and Ferronetti, switching to a 4-3-3 system.
The changes worked as from a corner kick Fernando Couto and then Igor Budan got touches to the ball to send it past Campagnolo and equalise, although Alessandro Lucarelli might also have had a deflection.
Salvatore Aronica brought down Massimo Paci in the area, but Reggina goalkeeper Campagnolo saved his second penalty after stopping Francesco Totti, as he parried a weak and central Rossi effort.
They were made to pay for that mistake, as just before the break Reggina restored their lead at the Tardini with a Bianchi screamer from over 20 metres that slotted in at the far post.
Rossi tried to make up for it, but his shot was charged down and so was Francesco Parravicini's follow-up.
Reggina lost shot-stopper Caglioni when he pulled up with a muscular problem during a clearance, so he made way for ex-Pisa man Puggioni.
Pasquale Foggia skipped past Couto in the second half and forced a corner out of Bucci, the goalkeeper repeating the save from Mesto soon after.
Ranieri replaced another of his substitutes, as Gasbarroni picked up an injury and made way for Zlatan Muslimovic.
On 73 minutes the Gialloblu were kept out by the frame of the goal, as Budan hit the upright following Giosa's defensive error.
Luca Bucci charged out to close down substitute Esteves
In stoppages Cigarini's fierce long-range effort skimmed the crossbar over Serie A debutant Puggioni.
Parma maintained the pressure and in the final seconds of stoppages the referee pointed to the spot for a Tabbiani shirt-tug on Muslimovic. Rossi took the responsibility again, but this time he buried it confidently into the top corner. However, as if the moment weren't tense enough, it had to be retaken for encroachment.
Rossi went up for a third time that afternoon and the former Manchester United starlet showed his maturity by firing into the other top corner to earn Parma a point.
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