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Says Willie Walsh during AGM speech: –

“Iberia is facing huge challenges and must restructure if it is to survive. It reported operating losses of €351 million in 2012 – almost €1 million losses per day. The airline has become unprofitable in all its markets – including longhaul – and its high cost base means it is unable to compete effectively with other airlines, both European and Latin American.”

He goes on to say “the situation is critical”.

So it’s true then, BA has been shackled to a corpse.