GLOBAL ECONOMY

Latin America's largest airline will suspend flights to Venezuela

RIO DE JANEIRO, BRAZIL - AUGUST 12:  A passenger walks to her flight in the Antonio Carlos Jobim International Airport, formally known as Galeão International Airport, on August 12, 2009 in Rio de Janeiro, Brazil. The twelve cities hosting the 2014 World Cup in Brazil, including Rio De Janeiro, are to get US$2.7 billion in investment to improver their airports, according to Infraero, the Brazilian Airport Infrastructure Company.  (Photo by David Silverman/Getty Images)

RIO DE JANEIRO, BRAZIL - AUGUST 12: A passenger walks to her flight in the Antonio Carlos Jobim International Airport, formally known as Galeão International Airport, on August 12, 2009 in Rio de Janeiro, Brazil. The twelve cities hosting the 2014 World Cup in Brazil, including Rio De Janeiro, are to get US$2.7 billion in investment to improver their airports, according to Infraero, the Brazilian Airport Infrastructure Company. (Photo by David Silverman/Getty Images)  (2009 Getty Images)

Latin America's largest airline says it's suspending its flights to Venezuela.

Monday's statement by the Chile-based LATAM blames the "difficult macroeconomic scenario" affecting the region.

Germany's Lufthansa took the same decision over the weekend citing the difficult economic situation in Venezuela.

Many airlines have complained that the country's currency restrictions have made it impossible to receive the hard currency needed to cover their costs.

LATAM says flights between Sao Paulo and Caracas stopped Saturday and those between Santiago and Lima will be suspended by July.

Venezuela is facing a severe economic crisis, with the world's highest inflation and shortages of basic goods.

Currency rationing is increasingly cutting Venezuela's global trade.

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