Telecom Italia has ample ability to finance its debt and does not need a capital injection from Libya’s sovereign wealth fund or other investors, the company’s chief executive Franco Bernabè said. Telecom Italia’s €34bn ($42.8bn) of net debt was sustainable and the company was both reducing the nominal level and well able to finance it through the capital markets, he said.

There is persistent speculation about whether it will seek another outside investor, much to the company’s irritation.