Venezuela cash crunch hits airlines

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

    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.

    SOURCE: Al Jazeera


    YOU MIGHT ALSO LIKE

    'We scoured for days without sleeping, just clothes on our backs'

    'We scoured for days without sleeping, just clothes on our backs'

    The Philippines’ Typhoon Haiyan was the strongest storm ever to make landfall. Five years on, we revisit this story.

    How Moscow lost Riyadh in 1938

    How Moscow lost Riyadh in 1938

    Russian-Saudi relations could be very different today, if Stalin hadn't killed the Soviet ambassador to Saudi Arabia.

    Daughters of al-Shabab

    Daughters of al-Shabab

    What draws Kenyan women to join al-Shabab and what challenges are they facing when they return to their communities?