GLOBAL ECONOMY

German airline Lufthansa suspending flights to Venezuela amid economic crisis

FRANKFURT AM MAIN, GERMANY - NOVEMBER 06:  Passengers of the German airline Lufthansa wait at terminal 1 at Frankfurt Airport during an strike over salaries at Frankfurt and Dusseldorf airports on November 6, 2015 in Frankfurt, Germany. The UFO labor union, which represents the crews, has resorted to the strike following failed negotiations with Lufthansa and is leaving the option open for further strikes in coming days.  (Photo by Thomas Lohnes/Getty Images)

FRANKFURT AM MAIN, GERMANY - NOVEMBER 06: Passengers of the German airline Lufthansa wait at terminal 1 at Frankfurt Airport during an strike over salaries at Frankfurt and Dusseldorf airports on November 6, 2015 in Frankfurt, Germany. The UFO labor union, which represents the crews, has resorted to the strike following failed negotiations with Lufthansa and is leaving the option open for further strikes in coming days. (Photo by Thomas Lohnes/Getty Images)  (2015 Getty Images)

German airline Lufthansa says it is suspending its flights to Caracas, citing the difficult economic situation in Venezuela.

Lufthansa spokesman Andreas Bartels said Sunday that the company is suspending its three weekly Frankfurt-Caracas flights "until further notice" from June 17. He cited Venezuela's economic situation and difficulties in transferring currency.

Venezuela's economy shrank 5.7 percent last year while shortages of basic goods multiplied.

Currency rationing is increasingly cutting Venezuela's global trade. The government has created what amount to subsidized rates for hard currency and requires companies to get approval for converting local bolivars into dollars.

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