CARACAS, Venezuela -- The Venezuelan government, which this week mocked Lehman Brothers Inc.'s woes as a sign of capitalism's imminent demise, could become a victim of the investment bank's failure.

The government of Hugo Chávez holds about $300 million in debt instruments that Lehman had agreed to cash, according to three analysts who calculated the holdings separately. With Lehman in trouble, Venezuela will have a hard time selling the debt.

"The government will likely have to assume a steep loss," said Alejandro Grisanti, a senior economist with Barclay's Capital. How much will depend on what Lehman ends up paying out to creditors as a result of the bankruptcy proceedings.

Government officials weren't available to comment. Finance Minister Ali Rodriguez said Tuesday the government was reviewing any impact that Lehman's demise could have on Venezuela's finances.

The holdings are part of a strategy by which the Venezuelan government infuses dollars into its dollar-starved, overheating economy. The system -- which relies on selling structured notes made up of the sovereign debt of other South American nations -- allows Venezuelan banks and individuals to buy dollars at the official exchange rate of 2.15 bolivars, about half the black-market rate. With annual inflation at 34.5%, analysts say the bolivar would be considerably weaker without the structured note sales.