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Opinion
Raul Gallegos

Let's Watch Venezuela Destroy Itself

In spite of its oil riches, Venezuela's policies are destroying what's left of its economy.
Venezuelans at the airport found boarding gates closed. Photographer: Juan Barreto/AFP/Getty Images
Venezuelans at the airport found boarding gates closed. Photographer: Juan Barreto/AFP/Getty Images

Venezuela, a country blessed by vast oil reserves, seems to have an uncanny knack for killing businesses.

At least three airlines have grounded flights to and from Venezuela so far this year, in part because the nation's government owed the carriers $3.3 billion in foreign exchange they need to pay operating costs. The government suggested it could pay them with government bonds and cheap fuel, but precious little cash. This should do wonders for getting planes flying again.