Venezuelan investors had long been focused on two large debt repayments, one at the end of October (for US$1bn) and one at the beginning of November (for US$1.2bn), as an indication of whether the Caracas government led by may default. The consensus view was that if the payments were made, the risk of default would ease, as the repayment schedule thereafter is relatively light until next April. Yet President Nicolás Maduro’s announcement, immediately after making the repayments, that he intended to restructure the country’s external debt burden has reignited concerns that this might mean an imminent default.