There are a bunch of questions right now about the future of Venezuela, and one of the big ones is what's going to happen to its circa $170 billion pile of debt. Some investors have been snapping up defaulted Venezuelan bonds, betting that a future restructuring could hand them a hefty payout. Others argue that the Venezuelan people shouldn't be saddled with debt issued by an authoritarian regime. In this episode, we speak with the legendary lawyer Lee Buchheit. Lee has worked on more than two dozen sovereign debt restructurings over the course of a 40-year career, including those of Iraq and Greece. He explains how a Venezuelan debt workout might unfold and the unique challenges that arise when trying to restructure the obligations of a sovereign nation.

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Here's What Could Happen to Venezuela's Messy $170 Billion of Debt

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Lessons from Iraq's Restructuring

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