"I don’t know how the privatisation can be reversed. €180 million came into the coffers, but we have spent half of that already", Fernando Pinto said at a meeting with travel agencies in the Algarve.


"I understand the political will, but one thing is what I would like, and another is what is possible. I have spent 15 years trying to find someone to invest in TAP (…).


The previous centre-right government led by Passos Coelho approved the final draft of the privatisation of TAP on 12 November that involved selling 61% of the carrier’s capital to the Gateway consortium which belongs to (US/Brazilian national David Neeleman and Portuguese businessman Humberto Pedrosa), despite Socialist hounding.


Now the Socialists are in power, there is the possibility that they want to increase their stake from 39% to 51%.