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Last Friday the three main Italian unions said in a statement Italy's largest telecoms operator Telecom Italia (TI) has reached an agreement with unions on a plan that will lead to up to 5,000 job cuts, .

Telecom Italia in June unveiled a cost-cutting plan aimed at reducing annual costs by roughly EUR 300 million, under which it will cut about 5,000 jobs in Italy by 2010.

The former telecom monopoly, which has about 83,000 employees, is making cost-cutting a top domestic priority to boost profitability.



Europe's fifth-biggest telecommunications operator by market value, Telecom Italia is labouring under 37 billion euros of debt and faces falling profits.