Venezuela's debt restructuring is probably just a political gambit by Maduro, experts say

Venezuela President Nicolas Maduro may be trying to shore up support for next year's presidential election with the announcement of a massive foreign debt restructuring. Last week, Maduro unveiled plans to restructure Venezuela's $120 billion debt. The restructuring effort will be led by Vice President Tareck El Aissami, who will also start "the fight against the financial persecution of our country," Maduro said. But a successful debt restructuring seems unlikely at this time, given a series of sanctions imposed by the U.S. earlier this year. The announcement also raises concern that the oil-rich country could default on its debt. "There's a political angle to this," said Risa Grais-Targow, director of risk consultancy Eurasia Group's Latin America practice. "I think their eye is on the presidential election next year." More…