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Foreign Airlines Won't Haggle Over $4 Billion Trapped Inside Venezuela

A passenger stands near the Air France desk at Simon Bolivar International Airport near Caracas on Dec. 14, 2013
A passenger stands near the Air France desk at Simon Bolivar International Airport near Caracas on Dec. 14, 2013Photograph by Fernando Llano/AP Photo

A month after airlines thought they were about to receive the almost $4 billion in revenue trapped in Venezuela, the government has been seeking meetings with carriers to try to negotiate discounts on how much of the money it will repay.

Two dozen airlines are waiting for the proceeds of tickets sold locally in Venezuelan bolivars while the money is blocked by tight currency controls, according to the International Air Transport Association. Venezuela’s government has failed to authorize the repatriation of the cash for more than a year, and at least 11 airlines have curtailed flights, including the cancellation last month of three weekly flights from Toronto to Caracas on Air Canada.