Venezuela announces debt deal with airlines

[Zorro]

Venezuela's cash-strapped government has agreed to pay part of $4 billion owed to foreign airlines and may soon allow them to aggressively raise airfares as it works to head off more carriers from leaving the country.

Finance Minister Rodolfo Marco Torres announced a deal Monday to allow six Latin American airlines including Colombia's Avianca and AeroMexico to repatriate revenue from local sales in 2012 and 2013. The debt deal was reached in a closed-door meeting with representatives of the airline industry.

Alitalia of Italy and Panama's Copa this month became the latest airlines to cut flights to Venezuela, citing the debt impasse.

The deal announced Monday came just a few days after President Nicolas Maduro denied that airlines are leaving over debts, arguing that some are temporarily rerouting planes to meet surging demand to travel to Brazil for next month's World Cup.

http://news.yahoo.com/venezuela-announces-debt-deal-airlines-222520747.html

[MADem]

1. Lather-Rinse-Repeat!

Didn't they make this same promise two months ago, only to lose the check in the mail or something?

That place is going straight to hell in a hand basket.

[COLGATE4]

2. Shhh. You'll irritate the Maduro

fan club. They don't deal well with actual facts.

[MADem]

4. They don't bother me. I feel sorry for people who flog obvious failure so

ardently.

[Bacchus4.0]

3. yep, but the new deal they reached with the airlines they will pay at the 50 Bs to $1 rate

which of course is closer to what the Bolivar is worth. Their money is worthless and the government is wholly responsible for the terrible situation they are in.