[QODLink]
Americas

Venezuela cash crunch hits airlines

Major carriers suspend or scale back flights as government fails to pay the $4bn it owes them.

Last updated: 29 May 2014 22:52
Email Article
Print Article
Share article
Send Feedback

The skies over Venezuela are a little emptier at the moment, after major airlines suspended or scaled back flights because the government owes 24 of them $4bn.

Tight currency controls mean that all ticket sales have to be done in the local bolivar, and go through a tightly controlled government account.

But the national economy is crashing, so the government does not have enough cash to exchange the money and pay the airlines back.

Al Jazeera's Cath Turner reports from Caracas.

78

Source:
Al Jazeera
Email Article
Print Article
Share article
Send Feedback
Topics in this article
Country
City
Featured on Al Jazeera
Italy struggles to deal with growing flood of migrants willing to risk their lives to reach the nearest European shores.
Israel's Operation Protective Edge is the third major offensive on the Gaza Strip in six years.
Muslims and Arabs in the US say they face discrimination in many areas of life, 13 years after the 9/11 attacks.
At one UN site alone, approximately four children below the age of five are dying each day.
Featured
Growing poverty is strengthening a trend among UK Muslims to fund charitable work closer to home.
A groundbreaking study from Johns Hopkins University shows that for big segments of the US population it is.
Critics claim a vaguely worded secrecy law gives the Japanese government sweeping powers.
A new book looks at Himalayan nation's decades of political change and difficult transition from monarchy to democracy.
The Church of Christ built a $200m megachurch while analysts say members vote in a block.
join our mailing list