My four long-time held principles for a good restructuring of Venezuela’s/Pdvsa’s debt.

A restructuring to be initiated when its corrupt, inept criminal and human rights violating regime has been thrown out and law, justice, democracy and respect for private property has returned.

1. Not only for Venezuela’s sake, but also for all the citizens of the world’s sake, exploit Venezuela’s debt problem in order to establish clear definitions of what should be considered bona fide credits and what odious credits, and what different treatment should be given to these.

2. Align the incentives of the creditors so as to work for having Venezuela’s economy grow instead of extracting from is economy whatever they can. In Venezuela’s case that is quiet straightforward. Have the creditors identify and help finance who can in the shortest-term possible, increase the oil it extracts and exports.

3. In order to align the incentives that will allow such debt restructuring to take place in peaceful and sustainable terms, have all the nations’ net oil revenues to be shared out 15% to its creditors, 34% to Venezuela’s central and local governments, and 51% equally among all Venezuelans.

4. Before the three aforementioned conditions have been formalized Venezuela should thankfully, gratefully accept all humanitarian help given but should not waste one cent of all those bridge loans from here to there that it could be offered, for instance by the IMF.

That should help Venezuela’s legitimate creditors to recover their loans, its government to have to rely more on what the citizens pays it in tax so as to be held more accountable and, foremost, allow Venezuelans to live in a nation and not just in somebody else’s business.