Venezuela faces significant external debt, estimated between $150-$170 billion, with about $60 billion in defaulted bonds. This debt-to-GDP ratio is between 180-200% for 2025. A key asset, U.S.-based refiner Citgo, secured a PDVSA bond and is now central to creditors' recovery efforts. Ownership of Venezuela's distressed debt is complex due to sanctions, but likely includes international bondholders and companies awarded compensation through international arbitration, such as ConocoPhillips and Crystallex.