ABSTRACT
By the end of 1982, Venezuela's foreign debt had reached approximately US$33 billion. Although this is a high figure, it is low when compared to that of other Latin American countries. In the renegotiation processes that became general practice throughout the continent during 1982 and 1983, it has been Venezuela that has found it most difficult to reach an agreement with its creditors. The structure of the debt is very vulnerable, as 45 percent of Venezuela's foreign indebtedness is short-term. This means that although the total debt is not excessive, the maturities due in 1983 and 1984 exceeded the country's repayment capacity during this period. The drop in earnings from oil sales that began in 1982 should be pointed out. These earnings, which account for more than 90 percent of Venezuela's exports, fell by 20 percent in 1982, and a similar decline was expected in 1983.
