NEW YORK, Sept 23 - US President Donald Trump and Venezuela's interim President Delcy Rodriguez discussed restructuring the country's large sovereign debt burden, US Secretary of State Marco Rubio said on Wednesday.
The conversation occurred during a pull-aside at a reception that President Trump hosted late on Tuesday on the sidelines of the UN General Assembly. Rubio noted the encounter took place while Rodriguez was on her first trip to the United States since American forces captured then-President Nicolas Maduro in a January raid.
Rubio summarized the substance of the exchange for reporters, saying: "There’s a lot that needs to be fixed in order for Venezuela to be successful. Debt restructuring is key to that." He added that Venezuela had "probably the world’s largest sovereign debt that has to be restructured" and said the United States wants to help, but that "it has to be done in the right way."
The statements from Rubio framed the meeting as focused narrowly on debt issues, rather than broader policy. He described the contact between Trump and Rodriguez as short but important.
On the numbers, the government and state oil company Petroleos de Venezuela hold roughly $60 billion of bonds that are currently in default. Rubio cited those defaulted bonds as part of the conversation about restructuring needs.
Analysts, however, place the potential liabilities at a considerably higher level once accrued interest, other claims and arbitration awards are included. Those estimates suggest total obligations could top $150 billion, a figure Rubio referenced in describing the scale of the problem facing any restructuring effort.
The meeting and Rubio's comments underline the centrality of debt relief in discussions about Venezuela's economic recovery. While the administration expressed a willingness to assist, officials emphasized that any restructuring effort must be executed properly, reflecting both the size of outstanding obligations and the additional claims that could increase total liabilities.
Context and next steps
Details on follow-up actions or a timetable for any formal restructuring negotiations were not provided in Rubio's remarks. The brevity of the meeting was highlighted, and Rubio framed the exchange as an initial, important step focused on the mechanics and scale of Venezuela's indebtedness.