Key Facts
—The new number. Caracas is preparing to disclose total obligations of about $240bn, well above the $150bn–$170bn range analysts had used.
—The framework. Adviser Centerview Partners is expected to publish a debt-sustainability roadmap in early July and a macro framework sizing the economy near $100bn.
—The ratio. Those figures would put debt above 200% of gross domestic product, among the heaviest burdens ever taken into a restructuring.
—The recovery. Central-bank data show first-quarter oil exports of $5.49bn, the highest since 2018, and a balance-of-payments surplus of $2.45bn.
