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Surveillance: Long Lasting Credit Tightening

Bloomberg Surveillance

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The Secret to a Great Balance Sheet

I'm buying something in Europe to see Lufthansa by Alitalia. Let's see IAG by TAB. You know, consolidate away. None of you are going to be able to compete with Ryanair because we have much lower costs than you. Much lower fares than you. So you better well, but may as well consolidate. Great balance sheet too. No debt right now. Right? No, we're paying debt down aggressively. We've no net debt. We're not cashable. Okay. Capital returns. I mean, just not yet. But once we get through that, if we have another strong year and we have significant net cash balances, then

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