Viasa, on paper at least, was an impressive airline in South America. It had a fleet of 6 DC-10-30's, flew to all the right European cities including LHR ( one of few Latin Airlines to do so). These Dc-10's connected Caracas with Miami, Jfk, Europe and many other regional destinations. In an era when most Latin airline flew 707's and DC-8's Viasa was a dream built on Petro-dollars to be displayed with nationalist pride. Iberia bought Viasa, the rest is well known history. Iberia's empire building ended in ARgentina with Aerolineas and bankruptcy.
During the late 1980 and early 90's Spain bought Banks, airlines, telephone monopolies and electric utilities in their former colonies. Iberia's empire building was a very expensive lesson, the other industries have proved far more profitable in stable(latin american) economic times.