Venezuela President Nicolas Maduro has embarked on one of the most complex, years-long debt restructurings in decades, as he looks to reestablish Venezuela on the world's financial stage, Bloomberg reports.
Venezuela President Nicolas Maduro has embarked on one of the most complex, years-long debt restructurings in decades, as he looks to reestablish Venezuela on the world's financial stage, Bloomberg reports.
While many investment executives are skeptical of whether Venezuala can overhaul itself from the pariah it currently is, those who believe that this time Maduro could succeed point to the country’s nascent economic rebound and the possible lifting of sanctions that prohibit Venezuela from issuing debt. Recently, the government succeeded in ending years of hyperinflation and restoring growth to the economy.
“The probability of a restructuring process of the Venezuelan debt starting in 2025 is bigger than the market is pricing or expecting,” says one investment executive holding out hope, Alejandro Grisanti, director of financial firm Ecoanalitica of Caracas. The nation’s oil production has rebounded, thanks to investments by U.S. company Chevron Corp. However, with an output of 890,000 barrels a day, this is far below Venezuela’s peak of more than 3 million barrels of oil a day.“This would be the most complex restructuring since Iraq after the 2003 invasion,” says Mark Widemaier, a law professor at the University of North Carolina who specializes in sovereign bond contracts.
Debt Restructure Nicolas Maduro
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