Venezuela's Maduro accuses airlines of waging 'economic war'
Venezuela’s currency, the bolivar, hit a new low on black market exchanges Tuesday, and President Nicolas Maduro has lashed out at international air carriers for waging “economic war” in trying to collect the $3.5 billion the government owes them in ticket revenue.
Unofficial currency traders were offering 100.93 bolivars to the dollar, more than 10 times the official rates of 6.3 bolivars (applied at banks and to government purchases of foreign goods and services) and 12 bolivars to the dollar for some businesses. A limited amount of greenbacks are available to some bidders at 50 bolivars to the dollar.
The scarcity of dollars in Venezuela means businesses and private individuals buying foreign goods or planning international travel resort to the black market to buy greenbacks. The demand-supply imbalance at currency traders has caused the cost of dollars to skyrocket.
Meanwhile, in a speech televised to the nation late Monday night, Maduro reacted angrily to the airlines’ ongoing campaign to collect the balance due to them.
http://www.latimes.com/world/mexico-americas/la-fg-venezuela-maduro-economy-20140930-story.html
Not paying their bills seems to be a common practice among certain South American governments.
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