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British Airways and Iberia boss Willie Walsh warned of further airline bankruptcies in the coming year and said he envied the economic model of major Gulf carriers that have managed to redraw the aviation map efficiently around the Middle East.

The chief executive of International Airlines Group (ICAG.L) joined the head of Dubai’s Emirates and other industry leaders in predicting further retrenchment, as weaker airlines struggle to generate the cash needed to ride out high oil prices.

“‘I expect to see significant moves on the subject of consolidation as we move through the year and into next year,'” Walsh told the AFCA aircraft finance conference in Barcelona.

source: Reuters

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