Venezuela is set to reveal a $240bn debt pile, much higher than previously thought, as the country embarks on the biggest sovereign restructuring in history following the US removal of Nicolás Maduro.
The country is on track to reveal borrowings that are significantly larger than market estimates of $150bn to $200bn when it lifts the veil for creditors on the state of its finances in the coming weeks, according to people familiar with the country’s plans.
Delcy Rodríguez, Venezuela’s interim leader, is aiming to reach a deal with creditors by the end of this year that would pave the way for the country’s return to international markets after being frozen out for nearly a decade under Maduro, the strongman leader seized by a US military raid in January.