Venezuela is sitting on one of the most consequential debt piles in modern financial history. The country has disclosed obligations that put the total restructuring figure at roughly $240 billion, making this the largest sovereign debt workout the world has ever seen.
The announcement came on May 13, 2026, capping nearly a decade of financial paralysis. Venezuela first defaulted on its international obligations in 2017, and the country has been locked out of global capital markets ever since.
What’s actually on the table
The core of the restructuring centers on an estimated $150 billion to $170 billion in external sovereign bonds and debt tied to PDVSA, Venezuela’s state oil company. The broader figure climbs toward $240 billion when domestic obligations are factored in.
The firm handling that sorting is Centerview Partners, appointed as lead financial adviser without a formal competitive bidding process.
