Lufthansa has suspended flights to Venezuela over fears the country’s rapidly plummeting currency could lead to losses in foreign exchange. The country has descended into economic chaos – causing inflation to soar.
Venezuela has arrested a former minister and ex-chief of the state oil company on corruption and sabotage charges. But opposition lawmakers have warned the arrests form part of the president's plans to consolidate power.
The former oil czar has claimed he was removed for expressing "opinions" critical of the Venezuelan president. Analysts have warned of a growing purge as Nicolas Maduro gears up for presidential elections in 2018.
The Venezuelan president has announced plans to create a cryptocurrency backed by oil, gas, gold and diamond reserves. He said the "petro" will help combat the US' "blockade" against the oil-rich country.
Venezuela's government and opposition have restarted talks to resolve the country's political crisis, but expectations are low. Economic ills have pushed the government back to the table, but concessions appear unlikely.
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