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How to Address Venezuela’s Crushing Debt Burden

Summary:
The legacy of Chávismo includes a mountain of foreign-currency-denominated claims against the Venezuelan public sector, totaling 0 billion, almost all of which is now in default. When Nicolás Maduro finally leaves power, how can these claims be settled while meeting the country's desperate need for humanitarian relief and economic recovery? CAMBRIDGE – When he finally leaves the political stage in Venezuela, Nicolás Maduro will leave behind a grim legacy of oppression, suffering, and economic devastation. He will also leave a mountain of foreign-currency-denominated claims against the Venezuelan public sector – almost all of which is now in default – totaling over 0 billion. It will fall to

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The legacy of Chávismo includes a mountain of foreign-currency-denominated claims against the Venezuelan public sector, totaling $150 billion, almost all of which is now in default. When Nicolás Maduro finally leaves power, how can these claims be settled while meeting the country's desperate need for humanitarian relief and economic recovery?

CAMBRIDGE – When he finally leaves the political stage in Venezuela, Nicolás Maduro will leave behind a grim legacy of oppression, suffering, and economic devastation. He will also leave a mountain of foreign-currency-denominated claims against the Venezuelan public sector – almost all of which is now in default – totaling over $150 billion. It will fall to Venezuela’s interim government to move promptly to arrest the deep humanitarian crisis, restore the country’s shattered economy, and deal with these gargantuan legacy debts. All three efforts must be attempted simultaneously. None will be easy.

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