Telecom Italia, burdened with a 37bn-euro ($44bn, £29bn) debt, has said it will cut an extra 4,000 jobs and sell non-strategic assets worth 3bn euros.
The company announced a restructuring plan aimed at cutting costs and investments by 2bn euros and sharply decreasing the debt over three years.
In June, Telecom Italia announced it would eliminate 5,000 jobs by 2010.
The telecommunications group confirmed it was going to expand its presence in Brazil and Argentina.
At the end of September Telecom Italia had about 80,000 employees.
Italy and Brazil
The company said its 2009 sales and profits broadly be the same as in 2008.
"Telecom Italia is guiding for stability in 2009 for revenues and EBTIDA," Morgan Stanley analysts said.
"This in itself is an achievement, given both the company's record in recent years and the wider market environment."
Telecom Italia's chief executive Franco Bernabe said the company was going to focus on its core businesses in Italy and Brazil.
He added that other operations could be sold "but we will see the conditions".
"We will do it in a very careful way in order not to sacrifice value," said Mr Bernabe.
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