Southeast Asia's largest economy is mulling over whether to shut down or refinance its national airline, Garuda Indonesia, amid debates widely seen to represent two camps: those who are sentimental and those who are focused on the bottom line. Garuda struggled to make profits even before the Covid-19 pandemic hit. The state-owned enterprise ministry recently came up with four options - the first three keep the 72-year-old airline aloft and the fourth sees it cease operations. To keep Garuda flying despite a revenue slump and huge maturing debts, the government must either inject cash; announce a debt standstill, followed by a restructuring; or go for a debt revamp while creating an airline that would take over Garuda's routes, according to the first three proposed solutions. Garuda's revenue probably shrank to US$1.67b last year, from US$4.57b in the previous year, according to a research note by Jakarta-based equity brokerage Ciptadana Sekuritas Asia. The airline is yet to release its full 2020 financial results. On Thursday, it missed a repayment on a US$500m Islamic debt. A recent viral recording of Garuda CE Irfan Setiaputra's address to staff, whose content was later confirmed by management, revealed that it planned to cut its fleet by 50%, retrench staff and sell assets.<br/>