Venezuela’s $170 billion debt is twice the size of its economy and 10 times its 2025 oil revenues. (opens in new tab)

Venezuela’s $170 billion debt is twice the size of its economy and 10 times its 2025 oil revenues. This is why investment banks are lining up to take one of the most complex sovereign debt restructurings in the world. But behind these $170 billion, there is a lot to unpack 🧵 Where does $170 billion come from? 1st) The Chavez administration consistently running budget deficits to sustain its web of populism, despite receiving $800 billion in oil revenues. 2nd) International arbitration cases a...