Telecom Italia continues to go through the painful process of adjusting to the modern world, facing recessionary pressures at home and in its former growth engine in Brazil. Italy has been suffering from the Eurozone recession since the 2008 crash, and this has helped make Telecom Italia (TI) the center of persistent takeover rumors. It is engaged in a major strategic review, which could lead it to be the first major European incumbent to break up. In the shorter term, however, it is looking for smaller deals to improve its cash and debt position, including the sale of its towers and a possible exit from Brazil. The firm says it is seeing “strong interest” in its tower company, Inwit, which…