00:00Venezuela has formally initiated a process of restructuring its debt, both public and that of the state-owned oil company,
00:07Petevesa.
00:07This decision will allow the renegotiation of its financial commitments, which were previously impeded by unilateral coercive measures.
00:15In a statement released on Wednesday, May 13, the Bolivarian government announced the launch of an integral and orderly process
00:23of restructuring the external debt, according to experts.
00:26This step requires a technical analysis of the legitimacy of the commitments acquired, and they also claim that the default
00:32responds to the financial blockade and not to insolvency.
00:37So this strategy aims to recover the frozen accounts to finance national development.
00:42This path towards financial sovereignty coincides with the recent issuance of License 58 by Washington, which authorizes technical advice for
00:50this process.
00:51Venezuela, which maintained an impeccable payment record until 2018, is seeking to restore its rights in the international markets while
00:59continuing to fight for the total lifting of sanctions.
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