Jose Maria Alvarez-Pallete, chief operating officer of Telefonica SA, attends the opening session of the 29th Telecommunications and Digital Economy conference in Santander, Spain, on Monday, Aug. 31, 2015. Telefonica SAs growth in Brazil will probably be strong enough for the telecommunications provider to withstand the countrys longest recession since the 1930s, according to Chief Operating Officer Jose Maria Alvarez-Pallete. Photographer: Antonio Heredia/Bloomberg via Getty Images
