There was a festive mood surrounding the Latin American and Caribbean Air Transport Assn. (ALTA) Airline Leaders Forum in Rio de Janeiro late last year. Surely, holding the annual high-profile gathering of Latin American airline executives along Rio’s picturesque beaches contributed to the good spirits. But the region’s airlines are optimistic for a more fundamental reason. “The phenomenon we now see in Latin America already happened in the US in the 1950s, in Europe in ...

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