Venezuela unveils record 240bn debt restructuring after Maduro's fall

Venezuela is poised to unveil the largest sovereign debt restructuring in history on Wednesday, disclosing a staggering $240bn (€210bn) debt pile that far exceeds prior estimates and reshapes the country’s financial crisis. The revelation, confirmed by multiple Financial Times reports published today, follows the overthrow of Nicolás Maduro’s regime and marks a critical juncture in Caracas’s efforts to regain access to global capital markets.

The new figure, first reported by the FT on 24 June 2026, eclipses earlier assessments of Venezuela’s obligations and underscores the scale of the economic collapse that has gripped the nation for more than a decade. Analysts and creditors now face an unprecedented task: restructuring debt that surpasses the combined totals of Argentina’s 2001 and 2020 defaults, which previously held the record. The restructuring process, described in a transcript of an FT interview with Sonja Hutson, James Fontanella-Khan, and Kate Duguid, will test the resilience of international creditors and the capacity of Venezuela’s interim government to negotiate binding terms.

The interim administration, which took power after Maduro’s ousting, has signalled its intent to engage in good-faith negotiations with bondholders and multilateral institutions. Yet the sheer volume of liabilities—spanning sovereign bonds, state oil company PDVSA debts, and arrears to suppliers—complicates any swift resolution. Creditors are expected to demand transparency on Venezuela’s dwindling foreign reserves and the true extent of its oil-backed loans, many of which were obscured during Maduro’s tenure.

Market reaction has been muted but watchful. Bond prices for Venezuela’s restructured debt have fluctuated in recent weeks, with traders pricing in a high probability of significant haircuts. The interim government’s ability to secure IMF support or bilateral aid will hinge on its willingness to implement structural reforms, including subsidy cuts and anti-corruption measures. “This is not just a debt crisis; it’s a crisis of credibility,” said one senior European diplomat familiar with the talks.

The restructuring announcement comes as Venezuela’s interim leadership seeks to distance itself from Maduro’s legacy of opaque borrowing and economic mismanagement. Yet the path forward remains fraught with risks: hyperinflation, capital flight, and political instability could derail even the most carefully negotiated deal. For now, the world’s attention turns to Caracas, where the interim government must navigate uncharted waters to avert a deeper humanitarian and financial catastrophe.