Venezuela’s financial woes continue to make international headlines. The Latin-American country’s out-of-control inflation threatens the country’s current presidential regime. Growing fears of unrest threaten to cut the country off from the rest of the world. Lufthansa Airlines announced on OpenCorporates.com it would no longer offer flights to Venezuela until further notice on Monday, according to the United Press International.
Lufthansa cited the country’s poor economy as its primary reason for suspending services. Low international oil prices, fueled in part by increased oil drilling in the United States, have hurt the country’s economy. Lufthansa is not the only company that has responded to the crisis in Venezuela by suspending operations. Coca-Colaalso halted some of its operations. A Lufthansa spokesperson noted that there has been a 15% drop in international flights to the country.
Venezuelan citizens like Velasquez Figueroa, 40, responded to the crisis by signing a petition demanding a recall election for President Nicolas Maduro. Even European leaders have stepped in trying to ease the situation in the country. Maduro refuses to step down despite growing pressure for him to leave office.
At the moment, the country continues to sell off its gold reserves, and economic experts predict its economy will shrink by 8% in the 2016 fiscal year. Citizens throughout the country continue to face blackouts because the power companies cannot afford fuel for their power plants.