03 December 2008 - 08H48
- Italy - telecommunication

Telecom Italia will cut 4,000 jobs
Telecom Italia, saddled with 35 billion euros in debt, announces it will cut 4,000 more jobs from 2009 to 2011 as part of a restructuration plan.

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AFP - Italian telecommunications group Telecom Italia said Wednesday it would cut a further 4,000 jobs in Italy from 2009 to 2011 as part of a restructuring plan.

Telecom Italia, saddled with a 35-billion-euro (44-billion-dollar) debt, launched a savings scheme last June that called for the elimination of 5,000 jobs in Italy.

The June initiative aims at savings of two billion euros by 2011 and a sharp contraction in the debt.

The group has also announced its intention to sell off non-strategic operations in deals that could be worth up to 3.0 billion euros.

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