Describing the current situation as "unsustainable," Iberia's board last week approved a strategic plan that includes creation of a new short/medium-haul carrier, long-haul expansion (mainly to/from Latin America.), an additional €37 million ($55.5 million) annual reduction in overhead costs over the next two years and a "radical" change of approach designed to generate more revenue. The strategy, called Plan 2012, will follow a 2009-11 initiative aimed at boosting operating profit by ...

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