Venezuela faces world’s largest debt restructuring
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 24 June 2026
⏱️ 10 minutes
🧾️ Download transcript
Summary
Venezuela is set to take on the largest sovereign debt restructuring in history. Plus, chip stocks led a sell-off on Wall Street, and Nvidia’s AI chips have more than doubled in price on China’s black market.
Mentioned in this podcast:
Venezuela to reveal $240bn debt pile in world’s largest restructuring
US chipmakers lead Wall Street slide on rising rate rise worries
Nvidia’s banned AI chips double in price on China’s black market
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The FT News Briefing is produced by Victoria Craig, Sonja Hutson, Saffeya Ahmed, Katya Kumkova, and Fiona Symon. Our editor is Marc Filippino. Our show is mixed by Kelly Garry and Alex Higgins. Additional help from Michela Tindera, Gavin Kallmann, Michael Lello, Peter Barber and David da Silva. Our intern is Cole van Miltenburg. Our executive producer is Topher Forhecz. Flo Phillips is the FT’s global head of audio. The show’s theme music is by Metaphor Music.
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Transcript
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| 0:00.0 | Good morning from the Financial Times. Today is Wednesday, June 24th, and this is your FT News Briefing. |
| 0:09.7 | Venezuela is in more debt than we thought, and investors are nervous about tech stocks again. |
| 0:16.6 | I think that investors are on tenterhooks, right? |
| 0:21.3 | We've had a huge rally this year. |
| 0:24.7 | And so I think investors have been watching for any sign that a celloph is about to start. |
| 0:30.0 | Plus, NVIDIA's AI chips are a hot commodity on China's black market. |
| 0:35.6 | I'm Sonia Hudson, and here's the news you need to start your day. |
| 0:48.3 | Venezuela is set to have the biggest debt restructuring on record. |
| 0:53.7 | The country is expected to reveal a $240 billion debt pile in the next few weeks, |
| 1:00.6 | which is much higher than what the market had estimated. |
| 1:04.0 | That's according to people familiar with the plans. |
| 1:07.0 | But can the country win over its bondholders? |
| 1:10.7 | Here to tell us is the FTs U.S. finance editor, James Fontenella Khan. |
| 1:15.0 | He broke this story. |
| 1:16.4 | Hi, James. |
| 1:17.2 | Hi there. |
| 1:18.1 | So let's just back up for a second. |
| 1:19.7 | How did Venezuela get to this point? |
| 1:22.6 | Well, the way Venezuela got here is that it was kind of cut out of the international markets |
| 1:27.4 | under the authoritarian leadership of President Nicholas Maduro, who was removed by the U.S. earlier this year. |
| 1:36.6 | And so during that period, Venezuela, which has undergone an incredible contraction. |
| 1:43.0 | And also for the longest time, we've never really known |
... |
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