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Master's Dissertation
DOI
https://doi.org/10.11606/D.8.2020.tde-13082020-125254
Document
Author
Full name
Anna Paula Martins Rangel Garcia
E-mail
Institute/School/College
Knowledge Area
Date of Defense
Published
São Paulo, 2020
Supervisor
Committee
Loureiro, Felipe Pereira (President)
Colistete, Renato Perim
Rocha, Alexandre Luís Moreli
Salomão, Ivan Colangelo
Title in Portuguese
Brasil devedor: o governo José Sarney e a moratória financeira de fevereiro de 1987
Keywords in Portuguese
Balanço de pagamentos
Contas Nacionais
História Econômica
Moratória
Abstract in Portuguese
Nesta dissertação, procuramos traçar uma cronologia do processo que culmina na declaração do governo brasileiro pela suspensão de pagamentos de juros da dívida de médio e longo prazo aos bancos comerciais, em 20 de fevereiro de 1987. Para recompor esse processo, analisamos telegramas do Ministério das Relações Exteriores e de diversas embaixadas pelo mundo, o acervo do jornal Gazeta Mercantil, dossiês do SNI (Serviço Nacional de Informações) e entrevistas com ex-assessores e ex-ministros do governo José Sarney, entre 1985 e 1990. Os materiais colhidos nos arquivos indicam que a decisão teve, como foi aventado à época, dois objetivos: proteger as reservas internacionais e tentar uma mudança no tratamento dos credores em relação ao Brasil, maior devedor do mundo naquele momento. Contudo, há evidências de que o governo não dispunha de reservas cambiais em montante e liquidez adequadas para servir a dívida e aguardava um aporte emergencial do Clube de Paris, que reunia os credores oficiais. Embora considerasse uma centralização cambial já no final de 1986, o governo opta por uma via mais confrontadora, quiçá espetacularizada, para aumentar a pressão junto aos bancos estrangeiros, sobretudo dos EUA, detentores de parte considerável do débito.
Title in English
Debtor Brazil: the José Sarney administration and the February 1987 financial moratorium
Keywords in English
Balance of payments
Economic History
Moratorium
National Accounts
Abstract in English
In this dissertation we outline the decision by Brazilian government to suspend payments regarding medium and long-term debt owed to commercial banks in February 20th, 1987. To recompose this decision-making process, we analyze telegrams from the Brazilian Ministry of International Relations and embassies around the world, the Gazeta Mercantil newspaper collection, as well as National Service of Information dossiers and interviews with former advisors and ministers from the José Sarney administration, between 1985 and 1990. The materials collected in the archives indicate that the decision had, as it was reported, two objectives: protect the international reserves and try to force a change in the creditors' treatment regarding Brazil, world's largest debtor at the time. However, there is evidence that the government did not have exchange reserves in the amount and liquidity necessary to serve the debt and expected emergency provisions from the Paris Club, which convened official creditors. Although foreign exchange controls were being considered in late 1986, the government opts for a more confrontational path, perhaps spectacularized, to increase pressure among foreign banks, most of which were of American origin, who detained a considerable part of the debt.
 
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Publishing Date
2020-08-13
 
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