For several years now, there have been rumblings of a cable directly connecting Latin America with Europe. Those plans appear to have received a significant boost yesterday, as the European Commission promised to chip in some €25m.
The proposed submarine cable would connect Lisbon with Fortaleza, bypassing the eastern US where traffic between the two continents usually makes a stop before crossing the Atlantic. It's one of many cables that seem to be looking for a more direct way out of South America -- we've seen one to Africa, and one out to the Pacific as well. Nothing yet to Australia and New Zealand yet though.
Of course, while €25m is a significant sum it will only cover a lesser fraction of the costs involved. But assuming they get the rest of the buildout paid for, the target date is the end of 2017. Brasil's Telebras and Spain's Islalink will be the protagonists, although I'm sure there are others involved in the background.