The toppling of President Nicolas Maduro has thrust Venezuela’s debt crisis — one of the world’s largest unresolved sovereign defaults — into the limelight.
Following years of economic crisis and U.S. sanctions that severed the country from international capital markets, Venezuela defaulted in late 2017 after missing payments on international bonds issued by the government and state oil company, Petroleos de Venezuela, known as PDVSA.
Since then, accumulated interest and legal claims tied to past expropriations have added to unpaid principal, swelling total external liabilities far beyond the face value of the original bonds.
Venezuela’s distressed debt has rallied since U.S. President Donald Trump came to power in January 2025 as speculators bet on the possibility of political change.
Below is a look at which entities owe money, what could be included in a restructuring and who might be knocking on Caracas’ door to collect.
