The airline was established in 1927 so this poster is likely from that time. The German (Weimar Republic) flag represents the heritage of the operation: "Varig was an off-spring of the German trade company and airline Condor Syndikat, thus sharing the same origin as Syndicato Condor, later renamed Serviços Aéreos Cruzeiro do Sul. Condor Syndikat gave the initial operational and financial support and for a short time Varig and the sister-company Syndicato Condor operated in partnership."
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