Debt-laden Fiat needs a deep and definitive restructuring to survive, Italy's industry minister said on Wednesday, as final negotiations over the company's job and debt slashing plan kick off, Reuters reported. Under intense pressure to reduce its debt pile and revive its troubled car arm, Fiat plans to lay off more than 8,000 staff for at least a year. Unions and the government want the loss-making group to look elsewhere for a return to profit, Reuters said.