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In front of the parliament’s transportation committee, an expert who led the IAG from the start said that everything possible was done to reduce the company’s spending and anticipated that the supply could be expanded starting in July. However, the government’s proposal would put the airline and the sector as a whole in a bad position.
Willie Walsh said the IAG, which manages British Airways, as well as Iberia, Vueling, Aer Lingus and Level, does not yet need a government rescue package. Every possible way has been taken to reduce the rate of cash outflows, but cash continues to decline rapidly and will remain so until at least July.
The IAG has called on the government to move away from the idea of mandatory quarantine because it could end recovery across the aviation industry. The Heathrow administration, the busiest airport in Europe, has called for an international procedure and has asked for the entry of low-risk countries.
Last week, the IAG released its first-quarter financial report, in which the company reported losses instead of profitable operations from the previous year. In the first quarter, which ended on March 31, the company recorded a loss of € 556 million after tax, indicating an even worse financial result in the second quarter.
Cover image: Getty Images
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