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Sovereign Debt Restructurings: The Case of Venezuela

Friday, February 23, 2018
Gerri C. LeBow Hall, 3220 Market Street, Philadelphia, PA

Join LeBow College of Business and the Global Interdependence Center for a conference on emerging global issues.

Event Detail

Sovereign Debt Restructurings: The Case of Venezuela

The announced intention of restructuring Venezuela’s sovereign debt will make it one of most prominent restructuring episodes, along those of Argentina, Greece and Ukraine. The estimated $150 billion restructuring of Venezuela’s sovereign and PDVSA’s debt will be a major challenge to the local economy, creditors and institutions involved. The conference will address pertinent issues to the restructuring, including main causes, processes, and possible outcomes.

Students of Drexel University can click here to register for this event through LeBow.


Attendees of Money, Models, and Digital Innovation can receive credit from the following organizations:

  • AFCPE Post Certification (5 credits)



8:30 a.m. | Registration + Coffee/Light Refreshments

9:00 a.m. | Introduction: The Global Economic Significance of Sovereign Debt Restructurings

  • Michael G. Papaioannou, IMF
  • George Tsetsekos, Drexel University

9:05 – 10:20 a.m. | Session 1: The Role of Institutions in Venezuela’s Sovereign Debt Restructurings  

  • Chair:  Lee C. Buchheit, Cleary Gottlieb Steen & Hamilton LLP
  • Panel:
    • Leopoldo Martinez, LMN Consulting
    • Rafael Molina, NewState Partners
    • Pablo Druck, IMF
  • Topics
    • Geopolitical challenges and perspectives
    • Macroeconomic setting and economic considerations
    • Sovereign debt issues and differentiation between Sovereign and PFVSA debt
    • The potential role of IMF

10:20 – 11:35 a.m. | Session 2: Market Perspectives in Venezuela’s Sovereign Debt Restructuring

  • Chair: Rafael Molina, NewState Partners
  • Panel:
    • Lee Buchheit, Cleary Gottlieb Steen & Hamilton LLP
    • Richard Francis, Fitch Credit Ratings
    • Elena Duggar, Moody’s Investors Services
  • Topics:
    • Contractual challenges and creditors conflicts.
    • Eligible debt, market valuation and NPV haircuts
    • Missed coupon payments, down-gradings, ISDA, CDS and loss of market access
    • Credit Ratings Agency perspectives

11:35 – 11:45 a.m. | Break

11:45 a.m. – 1:00 p.m. | Session 3: Creditors’ Views and Future Perspectives

  • Chair: Hans Humes, Greylock Capital Management
  • Panel
    • Aviva Werner, EMTA
    • Tamon Asomuna, IMF
    • Thodour Jonasson, IMF
    • Mark Wright, Federal Reserve Bank of Minneapolis
  • Topics:
    • Holders of Venezuela’s sovereign and PDVSA debt
    • Argentina, Greece, Ukraine, Venezuela – implications for future restructurings
    • Global prospects for sovereign debt restructurings
    • Debt outstanding and vulnerabilities – which conditions make a country a candidate for sovereign debt restructuring?

1:00 p.m. | Concluding Remarks

Event Location

Date: Friday, February 23, 2018 Time: 08:30 AM - 01:00 PM City: Philadelphia Gerri C. LeBow Hall, 3220 Market Street Download iCal


Tamon Asonuma

Economist in the Strategy Policy and Review Department, IMF

Tamon Asonuma is an Economist in the Strategy Policy and Review Department of the IMF. Since joining the IMF on September 2010, he has spent most of times in Research Department and Strategy Policy and Review Department.

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Lee Buchheit

Senior Partner in the Sovereign Practice Group at Cleary Gottlieb Steen & Hamilton LLP

Lee Buchheit is a senior partner in the Sovereign Practice Group at Cleary Gottlieb Steen & Hamilton LLP, based in New York.  He has previously served in the Washington, D.C., London and Hong Kong offices of the Firm.

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Pablo Druck

Mission Chief for Venezuela, International Monetary Fund (IMF)

Pablo Druck is the Mission Chief for Venezuela at the International Monetary Fund (IMF). Within the IMF he worked with a number of countries (Ecuador, Honduras, Kosovo, Panama, Guatemala, El Salvador, Grenada, Guyana, and Nicaragua).

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Elena Duggar

Chair of Moody’s Macroeconomic Board

Elena Duggar is the Chair of Moody’s Macroeconomic Board, which is charged with developing the macroeconomic forecasts for use in the rating process throughout the rating agency. Elena also manages the Research team in the Credit Strategy and Research group, which authors Moody’s global macroeconomic outlooks, along with thematic research on macro and financial risk topics.

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Richard Francis

Director, Fitch Ratings

Richard Francis is a member of the Latin America Team in the Sovereign Group at Fitch Ratings, based in New York. He is responsible for a number of the sovereign’s ratings in Latin America and participates in the research initiative on sovereigns rated by Fitch in Latin America and the Caribbean.

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Hans Humes

Chairman and Chief Executive Officer, Greylock Capital

Mr. Humes is Chairman and Chief Executive Officer of Greylock Capital, which he founded as a joint venture with Van Eck Global in May 1995. He is Co-Chief Investment Officer with Diego Ferro since October 2012. Mr. Humes has 23 years of experience working in emerging markets. He was a Managing Partner of Van Eck Absolute Return Advisors, Inc. where he launched the fund which became the Greylock Global Opportunity Master Fund in 1997.

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Thordur Jonasson

Senior Financial Sector Expert in the Monetary and Capital Markets Department, IMF

Mr. Thordur Jonasson is a Senior Financial Sector Expert in the Monetary and Capital Markets Department of the IMF. Prior to joining the IMF, he was a Sr. Securities Markets Specialist in the Global Capital Markets Practice of the World Bank working on developing public and private debt markets and participating in the Financial Sector Assessment Program (FSAP).

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Leopoldo J. Martínez

Former Congressman in Venezuela

Leopoldo J. Martínez, is an international lawyer, social entrepreneur, and a former Congressman in Venezuela. Mr. Martínez is a graduate from Harvard Law School, Princeton University and the University of Miami.

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Rafael M. Molina

Managing Partner, Newstate Partners

Rafael has over 18 years of experience assisting sovereign and sub-sovereign clients implement liability and risk management strategies aimed at optimising debt service profiles.  In recent years Rafael has worked closely with the Authorities in Antigua and Barbuda, Barbados, Iraq and Liberia in addressing rising public-sector debt challenges. 

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Michael G. Papaioannou

Expert Advisor, International Monetary Fund

Dr. Michael G. Papaioannou serves as an Expert Advisor at the International Monetary Fund and is a Visiting Scholar and Professor at the LeBow College of Business, School of Economics, Drexel University.

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George Tsetsekos, Ph.D.

Dean Emeritus and the Francis Professor of Finance at LeBow’s College of Business at Drexel University

Dr. George Tsetsekos, serves as the Francis professor of Finance and Director of the Risk Management Center at the LeBow College of Business. He served as Dean of LeBow (2002-2012) and under his transformative leadership the college achieved national rankings and quality milestones in research and teaching.

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Aviva Werner

General Counsel, EMTA

As EMTA’s General Counsel since 2002, Aviva has been primarily responsible for drafting legal documentation and market practices relating to Emerging Markets instruments.

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Mark Wright

Senior Vice President and Director of Research, Federal Reserve Bank of Minneapolis

Mark L.J. Wright is a senior vice president and director of research at the Federal Reserve Bank of Minneapolis. Prior to coming to Minneapolis, Wright was a senior economist and research advisor in the Economic Research Department at the Federal Reserve Bank of Chicago.

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About The Event