The Other Table: Official, Bilateral, and Multilateral Creditors in the Venezuelan Restructuring

China, Russia, the Paris Club, and the institutions: who sits where, who moves first, and what comparability really means. Nine parts on the official-creditor complex that sits behind the bond exchange, from the collateralized Chinese facilities and the sanctions-immobilised Russian stack to the Paris Club under stress and the missing IMF anchor, with sequencing paths, recovery arithmetic, precedents from Iraq to Ghana, and eight watchpoints running through 4 August.