Drop the debt

Telecom Italia’s new chairman has said he expects the group’s debt to fall to EUR38 billion by the end of this year, down from the current level of EUR41.3 billion, Dow Jones reports. Guido Rossi did not give not details on how the telco will reduce its debts, but he did confirm that no asset sales are planned. There has been speculation that Telecom Italia will sell off its wireless division TIM following a restructuring under which TIM is being separated from Telecom Italia’s wireline businesses.