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Mark Walker (Millstein) and Richard Cooper (Cleary Gottlieb) have written this compelling paper on the strategies Venezuela should follow to successfully restructure its debt, while protecting its foreign assets from creditor’s seizure. According to the authors, when the inevitable default comes, policy makers in Venezuela will have to grapple with what may be “the most complex and challenging sovereign restructuring ever”. We will need to act quickly, possibly as newcomers to government in the midst of a disorderly default. The paper is an attempt to provide a framework for that process. Both Mark and Richard have extensive and significant experience on the matter, having spent most of their lives helping countries and companies to restructure their obligations.