Telefonica Debt Cuts Don’t Fix Spanish Pain

Just before Christmas, top managers of Telefonica SA gathering in a Madrid cinema tried to remain upbeat after a year in which the company had scrapped its dividend and sold off assets. While they were quick to point out that those steps had stabilized the company’s finances, they couldn’t avoid the bad news in their biggest market, Spain.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.