President Nicolás Maduro said on 2 November that the country would “refinance and restructure” all of Venezuela’s external debt, meaning that the government would effectively renegotiate the terms of how it repays the money it owes to foreign investors.
The reason President Maduro cited for the move was to “fight against the financial persecution of our country”, a reference to the US sanctions that have targeted members of the Maduro administration.
Venezuela has about $60bn (£46bn) in outstanding bonds. That includes debt issued by the Venezuelan government as well as bonds issued by companies such as state oil company PDVSA.
But that is not all Venezuela owes. Its total external debt, which also includes loans from countries like Russia and China, is thought to be as much as $140bn. Read more