Telefónica passed a turning point. After spending two years battling the weight of its debt and the existence of weak assets, it is facing a new scenario. The Spanish telco has decided to modify its executive leadership in order to give power to the new vision, which includes the decision to expand and give Hispam another chance, the holding company that groups all its assets in Latin America, except Brazil. The fact that Hispam has managed to transform 30% of its debt into local currency is part of the operator's greatest financial strength.