The Venezuelan government announced the launch of a US$170 billion debt restructuring

On May 14, according to the Wall Street Journal, Venezuela said on Wednesday local time that it would start the process of restructuring huge government debt, trying to take advantage of the warming of relations with the United States to normalize relations with creditors and re-enter the international financial market. Economists said that Venezuela's public debt is estimated to be as high as US$170 billion, and this restructuring is expected to become one of the largest and most complex sovereign debt restructurings. Venezuela fell into default in 2017, and currently has a wide range of creditors, including investors holding bonds of the Venezuelan government and state-owned oil companies, companies such as ConocoPhillips, which have claimed billions of dollars for expropriation of assets, and bilateral lenders. Venezuela's statement comes as acting President Rodriguez is working with the Trump administration to attract oil investors and push the country's reintegration into the global economy after years of U.S. sanctions and international isolation. Last week, the United States authorized Venezuela to hire consultants to prepare for a potential debt restructuring. Venezuela said it expects to release its macroeconomic framework and public debt sustainability analysis next month. (East News Agency)