The parent company of British Airways and Iberia has drawn up advanced plans for what it would do in the event of a Spanish exit from the eurozone.
by Natalie Thomas
Aviation giant International Airlines Group (IAG) revealed it had set up a “eurozone crisis management group” as it posted a €390m (£307m) pre-tax loss in the first half, owing to “deep and structural” problems at its Spanish business.
The crisis group has been working on a “Spain euro exit roadmap” with the help of external advisers, which Willie Walsh, IAG chief executive, said was “very well advanced”.
“Given our position in Spain and our overall exposure to the eurozone, we have been looking at what actions we would need to take in the event of a euro break-up,” Mr Walsh said. “Clearly a euro break-up would be a very significant issue and not something we have ever witnessed before.”