Weekly Report - 23 January 2014 (WR-14-03)

ARGENTINA | Aerolíneas’s 2013 losses. On 16 January Mariano Recalde, the president of Argentina’s national airline, Aerolíneas Argentinas, revealed that the firm posted losses of US$247m in 2013. Ever since Aerolíneas and its subsidiary, Austral, were taken over by the government in 2008 the two have posted massive losses year in and year out despite the high level of subsidies they receive from the State. In fact, keeping the two firms up and running has cost the State some US$3.9bn since 2008.