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Spatial co-ordinations are initially random, and will automatically re-arrange to minimize complexity based on distance between relationships. Mouse down and drag to pan. Right click on the strategic diagram toggles between motion and stationary. Hover over abstract node (orange) to view abstractions. Hover over leaf node to view corresponding narrative. Left click on the leaf node expands the narrative to view full text.

Narrative Analysis - Report

Key Focus

But it's a clear sign that Maduro is intent on re-inserting Venezuela - long an international pariah - back into global financial markets, building on the nascent economic rebound that's taken hold after an unprecedented decade-long collapse.. . It's a task that dwarfs the size of other recent government debt overhauls and involves a mix of geopolitics, oil and finance.. . "This would be the most complex restructuring since Iraq after the 2003 invasion," said Mark Weidemaier, a law professor at the University of North Carolina who studies sovereign bond contracts ...

In the case of Iraq's $130 billion restructuring, the government had to settle more than 13,000 individual commercial claims, he said.. . "Commissioning a debt reconciliation exercise at this stage does not portend an early restructuring of Venezuela's external debt," Buchheit said ...

(Bloomberg) -- After years of fits and starts, Venezuela is setting the stage for one of the largest and most complex debt restructurings in decades - unwinding a $154 billion web of defaulted bonds, loans and legal judgments owed to creditors from Wall Street to Russia. ...

A breakdown of Venezuela's debt carried out by economist Francisco Rodriguez, a professor at the University of Denver, shows a mix of bonds, claims from legal judgments and bilateral loans to the likes of China and Russia. ...

No momentum supporting factor found

Challenge supporting factors

(debt,global)

(debt,financial)

(government,sovereign)

(government,iraq)

(government,financial)

Work-in-progress supporting factors

(debt,bonds,wall_street)

(debt,bonds,unwinding)

(debt,bonds,university)

(debt,university)

(debt,bonds,professor)

(debt,bonds,francisco_rodriguez)

(debt,bonds,economist)

(debt,bonds,creditors)

(debt,bonds,china)

(debt,sovereign)

Time Period	Challenge	Momentum	WIP
Report	9.77	0.00	90.24

High Level Abstraction (HLA) combined

High Level Abstraction (HLA)	Report
(1) (debt,government)	100.00
(2) (debt,bonds,russia)	94.87
(3) (debt,university)	61.54
(4) (debt,sovereign)	52.14
(5) (debt,professor)	50.43
(6) (debt,oil)	48.72
(7) (debt,iraq)	47.58
(8) (debt,international)	45.87
(9) (debt,global)	44.73
(10) (debt,russia)	44.44
(11) (debt,financial)	43.59
(12) (debt,bonds,web)	42.17
(13) (debt,economy)	41.88
(14) (debt,bonds,wall_street)	40.17
(15) (debt,bonds,unwinding)	38.18
(16) (debt,bonds,university)	36.18
(17) (debt,bonds,professor)	33.90
(18) (government,sovereign)	31.62
(19) (debt,bonds,francisco_rodriguez)	31.62
(20) (debt,bonds,economist)	29.63
(21) (government,iraq)	29.06
(22) (oil,university)	28.49
(23) (debt,bonds,creditors)	27.35
(24) (debt,bonds,china)	27.07
(25) (government,financial)	26.78
(26) (oil,professor)	26.21
(27) (government,oil,trading)	19.66
(28) (oil,trading)	19.09
(29) (government,oil,pdvsa)	18.23
(30) (government,oil,output)	17.09
(31) (government,oil,orchestrating)	15.95
(32) (oil,orchestrating)	14.53
(33) (government,oil,hyperinflation)	14.25
(34) (government,country)	14.25
(35) (oil,hyperinflation)	13.68
(36) (government,oil,growth)	13.39
(37) (oil,growth)	12.82
(38) (government,oil,economy)	12.54
(39) (government,oil,dollar)	11.11
(40) (government,creditors)	9.97
(41) (government,oil,country)	8.83
(42) (government,bonds)	7.69
(43) (government,oil,company)	7.41
(44) (government,winterbrook_capital)	3.42
(45) (government,web)	3.13
(46) (government,wall_street)	2.85
(47) (government,unwinding)	2.56
(48) (oil,bonds)	2.28
(49) (oil,russia)	1.71
(50) (oil,output)	1.42
(51) (oil,pdvsa)	1.14
(52) (oil,jpmorgan_chase)	0.28

Supporting narratives:

Please refer to knowledge diagram for a complete set of supporting narratives.

challenge - Back to HLA

"This would be the most complex restructuring since Iraq after the 2003 invasion," said Mark Weidemaier, a law professor at the University of North Carolina who studies sovereign bond contracts. ...
High Level Abstractions:

(government,sovereign)
(debt,university)
(oil,university)
(debt,sovereign)
(oil,professor)
(debt,professor)

challenge - Back to HLA

It's a task that dwarfs the size of other recent government debt overhauls and involves a mix of geopolitics, oil and finance.. . "This would be the most complex restructuring since Iraq after the 2003 invasion," said Mark Weidemaier, a law professor at the University of North Carolina who studies sovereign bond contracts ...
High Level Abstractions:

(debt,oil)
(government,iraq)
(debt,iraq)

challenge - Back to HLA

But it's a clear sign that Maduro is intent on re-inserting Venezuela - long an international pariah - back into global financial markets, building on the nascent economic rebound that's taken hold after an unprecedented decade-long collapse. ...
High Level Abstractions:

(debt,international)
(government,financial)
(debt,financial)
(debt,global)

challenge - Back to HLA

If the international community deems the vote fair, Maduro could start to regain his footing on the global stage.. . "The probability of a restructuring process of the Venezuelan debt starting in 2025 is bigger than the market is pricing or expecting," said Alejandro Grisanti, director at Caracas-based financial advisory firm Ecoanalitica ...
High Level Abstractions:

(debt,global)

challenge - Back to HLA

"The probability of a restructuring process of the Venezuelan debt starting in 2025 is bigger than the market is pricing or expecting," said Alejandro Grisanti, director at Caracas-based financial advisory firm Ecoanalitica. ...
High Level Abstractions:

(debt,financial)

challenge - Back to HLA

The process of mapping out Venezuela's obligations, known as debt reconciliation, can be made complicated when a country owes money to many different creditors, said Lee Buchheit, a lawyer with more than four decades of sovereign debt-restructuring experience.. . In the case of Iraq's $130 billion restructuring, the government had to settle more than 13,000 individual commercial claims, he said. ...
High Level Abstractions:

(government,sovereign)
(government,iraq)

challenge - Back to HLA

(Bloomberg) -- After years of fits and starts, Venezuela is setting the stage for one of the largest and most complex debt restructurings in decades - unwinding a $154 billion web of defaulted bonds, loans and legal judgments owed to creditors from Wall Street to Russia.. . President Nicolas Maduro's government's recent hiring of Rothschild & Co. as a financial adviser marks a first step in a massive undertaking that's likely to drag on for years ...
High Level Abstractions:

(government,financial)

WIP - Back to HLA

But it's a clear sign that Maduro is intent on re-inserting Venezuela - long an international pariah - back into global financial markets, building on the nascent economic rebound that's taken hold after an unprecedented decade-long collapse.. . It's a task that dwarfs the size of other recent government debt overhauls and involves a mix of geopolitics, oil and finance.. . "This would be the most complex restructuring since Iraq after the 2003 invasion," said Mark Weidemaier, a law professor at the University of North Carolina who studies sovereign bond contracts ...
High Level Abstractions:

(debt,government)

WIP - Back to HLA

In the case of Iraq's $130 billion restructuring, the government had to settle more than 13,000 individual commercial claims, he said.. . "Commissioning a debt reconciliation exercise at this stage does not portend an early restructuring of Venezuela's external debt," Buchheit said ...
High Level Abstractions:

(debt,government)

WIP - Back to HLA

(Bloomberg) -- After years of fits and starts, Venezuela is setting the stage for one of the largest and most complex debt restructurings in decades - unwinding a $154 billion web of defaulted bonds, loans and legal judgments owed to creditors from Wall Street to Russia. ...
High Level Abstractions:

(debt,bonds,creditors)
(debt,russia)
(government,unwinding)
(debt,bonds,wall_street)
(debt,bonds,web)
(debt,bonds,russia)
Inferred entity relationships (9)
(bonds,debt,unwinding) [inferred]
(bonds,debt,wall_street) [inferred]
(bonds,debt,russia) [inferred]
(bonds,debt,web) [inferred]
(bonds,debt,francisco_rodriguez) [inferred]
(debt,russia) [inferred]
(bonds,debt,professor) [inferred]
(bonds,debt,economist) [inferred]
(bonds,debt,university) [inferred]

WIP - Back to HLA

A breakdown of Venezuela's debt carried out by economist Francisco Rodriguez, a professor at the University of Denver, shows a mix of bonds, claims from legal judgments and bilateral loans to the likes of China and Russia. ...
High Level Abstractions:

(debt,bonds,russia)
(debt,bonds,china)
(oil,university)
(oil,professor)
Inferred entity relationships (8)
(bonds,debt,unwinding) [inferred]
(bonds,debt,wall_street) [inferred]
(bonds,debt,web) [inferred]
(bonds,debt,francisco_rodriguez) [inferred]
(debt,russia) [inferred]
(bonds,debt,professor) [inferred]
(bonds,debt,economist) [inferred]
(bonds,debt,university) [inferred]

WIP - Back to HLA

(Bloomberg) -- After years of fits and starts, Venezuela is setting the stage for one of the largest and most complex debt restructurings in decades - unwinding a $154 billion web of defaulted bonds, loans and legal judgments owed to creditors from Wall Street to Russia ...
High Level Abstractions:

(debt,bonds,unwinding)
Inferred entity relationships (7)
(bonds,debt,web) [inferred]
(bonds,debt,wall_street) [inferred]
(bonds,debt,francisco_rodriguez) [inferred]
(bonds,debt,professor) [inferred]
(bonds,debt,economist) [inferred]
(bonds,debt,russia) [inferred]
(bonds,debt,university) [inferred]

WIP - Back to HLA

A breakdown of Venezuela's debt carried out by economist Francisco Rodriguez, a professor at the University of Denver, shows a mix of bonds, claims from legal judgments and bilateral loans to the likes of China and Russia ...
High Level Abstractions:

(debt,bonds,university)
(debt,bonds,francisco_rodriguez)
(debt,bonds,professor)
(debt,bonds,economist)
(debt,university)
Inferred entity relationships (10)
(debt,university) [inferred]
(bonds,debt,unwinding) [inferred]
(bonds,debt,wall_street) [inferred]
(bonds,debt,russia) [inferred]
(bonds,debt,web) [inferred]
(debt,professor) [inferred]
(bonds,debt,francisco_rodriguez) [inferred]
(bonds,debt,professor) [inferred]
(bonds,debt,economist) [inferred]
(bonds,debt,university) [inferred]

WIP - Back to HLA

The process of mapping out Venezuela's obligations, known as debt reconciliation, can be made complicated when a country owes money to many different creditors, said Lee Buchheit, a lawyer with more than four decades of sovereign debt-restructuring experience. ...
High Level Abstractions:

(government,country)
(debt,sovereign)
(government,creditors)
Inferred entity relationships (1)
(country,government,oil) [inferred]

WIP - Back to HLA

. A breakdown of Venezuela's debt carried out by economist Francisco Rodriguez, a professor at the University of Denver, shows a mix of bonds, claims from legal judgments and bilateral loans to the likes of China and Russia ...
High Level Abstractions:

(debt,professor)

WIP - Back to HLA

. Debt Reconciliation. . The country began defaulting in 2017 as the economy tumbled and oil output slipped. ...
High Level Abstractions:

(debt,oil)
(debt,economy)

WIP - Back to HLA

In the case of Iraq's $130 billion restructuring, the government had to settle more than 13,000 individual commercial claims, he said. ...
High Level Abstractions:

(debt,iraq)

WIP - Back to HLA

If the international community deems the vote fair, Maduro could start to regain his footing on the global stage. ...
High Level Abstractions:

(debt,international)

WIP - Back to HLA

"There will also need to be a massive humanitarian relief effort for the Venezuelan people as well as a major reconstruction effort for the economy.". . Maduro has repeatedly said he's willing to engage with bondholders to solve the debt problem and blamed sanctions for the lack of progress ...
High Level Abstractions:

(debt,economy)

WIP - Back to HLA

Government securities are trading around 20 cents on the dollar, compared to 10 cents a year ago, and notes from state oil company, PDVSA, are going for around 12 cents, four times higher than a year back ...
High Level Abstractions:

(government,oil,trading)
(government,oil,dollar)
(oil,trading)
Inferred entity relationships (5)
(oil,trading) [inferred]
(government,oil,output) [inferred]
(government,oil,orchestrating) [inferred]
(government,oil,pdvsa) [inferred]
(government,oil,trading) [inferred]

WIP - Back to HLA

Government securities are trading around 20 cents on the dollar, compared to 10 cents a year ago, and notes from state oil company, PDVSA, are going for around 12 cents, four times higher than a year back. ...
High Level Abstractions:

(government,oil,company)
(government,oil,pdvsa)
Inferred entity relationships (5)
(government,oil,output) [inferred]
(government,oil,orchestrating) [inferred]
(government,oil,pdvsa) [inferred]
(government,oil,trading) [inferred]
(oil,pdvsa) [inferred]

WIP - Back to HLA

The country began defaulting in 2017 as the economy tumbled and oil output slipped. Since then, the government has managed to bring some stability, ending years of hyperinflation and orchestrating some growth ...
High Level Abstractions:

(government,oil,output)
(government,country)
(government,oil,economy)
(government,oil,country)
Inferred entity relationships (7)
(country,government,oil) [inferred]
(country,government) [inferred]
(oil,output) [inferred]
(government,oil,output) [inferred]
(government,oil,orchestrating) [inferred]
(government,oil,pdvsa) [inferred]
(government,oil,trading) [inferred]

WIP - Back to HLA

Since then, the government has managed to bring some stability, ending years of hyperinflation and orchestrating some growth. ...
High Level Abstractions:

(oil,orchestrating)
(government,oil,orchestrating)
(oil,growth)
(government,oil,growth)
Inferred entity relationships (5)
(government,oil,output) [inferred]
(government,oil,pdvsa) [inferred]
(government,oil,trading) [inferred]
(growth,oil) [inferred]
(oil,orchestrating) [inferred]

WIP - Back to HLA

The country began defaulting in 2017 as the economy tumbled and oil output slipped. Since then, the government has managed to bring some stability, ending years of hyperinflation and orchestrating some growth. ...
High Level Abstractions:

(government,oil,hyperinflation)
(oil,hyperinflation)
Inferred entity relationships (1)
(hyperinflation,oil) [inferred]

WIP - Back to HLA

(Bloomberg) -- After years of fits and starts, Venezuela is setting the stage for one of the largest and most complex debt restructurings in decades - unwinding a $154 billion web of defaulted bonds, loans and legal judgments owed to creditors from Wall Street to Russia.. . President Nicolas Maduro's government's recent hiring of Rothschild & Co ...
High Level Abstractions:

(government,wall_street)
(government,bonds)
(government,creditors)
(government,web)

WIP - Back to HLA

The likelihood Maduro's government can check all the boxes and proceed with a restructuring seems so remote that investors have yet to fully factor it into the price of the bonds. ...
High Level Abstractions:

(government,bonds)

WIP - Back to HLA

"Debt restructurings take time for a reason," said Edward Cowen, CEO at London-based money manager Winterbrook Capital, which holds the debt. "The government needs to deal with priorities as they arrive and this is not a priority." ...
High Level Abstractions:

(government,winterbrook_capital)

WIP - Back to HLA

Government securities are trading around 20 cents on the dollar, compared to 10 cents a year ago, and notes from state oil company, PDVSA, are going for around 12 cents, four times higher than a year back. The bonds got a boost after the US lifted restrictions on trading and JPMorgan Chase & Co. ...
High Level Abstractions:

(oil,bonds)
(oil,jpmorgan_chase)

WIP - Back to HLA

A breakdown of Venezuela's debt carried out by economist Francisco Rodriguez, a professor at the University of Denver, shows a mix of bonds, claims from legal judgments and bilateral loans to the likes of China and Russia.. . Debt Reconciliation. . The country began defaulting in 2017 as the economy tumbled and oil output slipped ...
High Level Abstractions:

(oil,russia)

WIP - Back to HLA

Government securities are trading around 20 cents on the dollar, compared to 10 cents a year ago, and notes from state oil company, PDVSA, are going for around 12 cents, four times higher than a year back. The bonds got a boost after the US lifted restrictions on trading and JPMorgan Chase & Co ...
High Level Abstractions:

(oil,pdvsa)

WIP - Back to HLA

A breakdown of Venezuela's debt carried out by economist Francisco Rodriguez, a professor at the University of Denver, shows a mix of bonds, claims from legal judgments and bilateral loans to the likes of China and Russia.. . Debt Reconciliation. . The country began defaulting in 2017 as the economy tumbled and oil output slipped. Since then, the government has managed to bring some stability, ending years of hyperinflation and orchestrating some growth ...
High Level Abstractions:

(oil,output)

WIP - Back to HLA

Oil production has rebounded, thanks to investment by US driller Chevron Corp., though at around 890,000 barrels a day the output remains far below the country's peak of more than 3 million barrels. ...
High Level Abstractions:

(oil,output)

Semantics Relevance

In Default on $154 Billion of Debt, Venezuela Is Ready to Talk