Venezuela has officially embarked on one of the most complex sovereign debt restructurings in history. On 13 May the administration of President Delcy Rodríguez announced the beginning of a comprehensive process to overhaul the country’s external public debt obligations, including bonds issued by the government and by state oil company Pdvsa. Whether Venezuela can successfully negotiate with creditors and regain access to international capital markets will help shape the recovery of a country that possesses the world’s largest oil reserves but has suffered one of the most severe economic collapses in modern history.End of preview - This article contains approximately 1723 words.
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