Venezuela is \u200bpoised to disclose a \u200ctotal debt burden \u200bof $240 billion, exceeding market estimates of $150 billion to $200 billion, as it prepares for what could become the \u200clargest sovereign debt restructuring, the Financial Times reported on Wednesday, citing sources familiar with the plans.<\/p>\n
The country announcedlast month that it would begin restructuring its external debt. \u200cAt the time, analysts estimated that Venezuela’s total liabilities, including arbitration awards and \u200caccrued interest, could exceed $150 billion. Venezuela is one of the world’s largest sovereign default cases, with the sovereign and state oil firm PDVSA totalling about $60 billion in defaulted bonds outstanding.<\/p>\n
The South \u2060American nation \u200bhas missed payments \u2060on its external debt since 2017. The country is expected to outline the extent of its borrowing \u2060when it presents an update on its financial position to creditors in the coming \u200bweeks, according to the FT report.<\/p>\n
The report added that U.S. advisory \u2060firm Centerview Partners, which was hiredby Caracas, has helped develop a plan aimed at restoring the country’s \u2060debt \u200bsustainability. According to sources familiar with the matter, the blueprint is set to be released in early July. Centerview Partners did not immediately respond to \u2060request for comment, outside regular business hours.<\/p>\n
Venezuela will also release a macroeconomic framework \u2060later this month, which \u2060will estimate the size of its economy at about $100 billion, and put its debt-to-GDP ratio above 200%, FT added. <\/p>\n
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)<\/p>\n","protected":false},"excerpt":{"rendered":"Venezuela is \u200bpoised to disclose a \u200ctotal debt burden \u200bof $240 billion, exceeding market estimates of $150 billion…\n","protected":false},"author":2,"featured_media":552794,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[174],"tags":[79,6046,40323,179,18,29444,19,17,9951,136328,24531,13647,4450],"class_list":["post-552793","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-debt","tag-default","tag-economy","tag-eire","tag-financial-times","tag-ie","tag-ireland","tag-oil","tag-pdvsa","tag-restructuring","tag-south-america","tag-venezuela"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@ie\/116808694291684302","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/552793","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/comments?post=552793"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/552793\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media\/552794"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media?parent=552793"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/categories?post=552793"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/tags?post=552793"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}