“We do not expect the government’s debt talks will succeed,” Freijedo said, because of the ongoing sanctions and the fact that Maduro does not have an economic plan that would please creditors.

The debt talks are ongoing and it is unclear when they will come to an end.

“If the Venezuelan government were cohesive and in full control of the various arms of the state and not burned bridges with the International Monetary Fund, then it could avoid default with some diligent management and external support,” Jan Randolph, director of sovereign risk rating service at IHS Markit, told CNBC via email.

“But the problem is that it is not and does not have IMF support and the risk of policy and debt mismanagement is high, and could yet lead to further defaults.”