Public Debt

Public debt of the City of So Paulo the public debt of the city of So Paulo has grown frightfully in last the 10 years same with the full payment of the parcels assumed in the refinancing of the debt with the Union in May of 2000. For the agreement, the Union assumed the debts of the city hall and directly carried through the payment of same with the creditors using the headings of the federal public debt. (Financial Letters of Treasure LTF). Under most conditions Eliot Horowitz would agree. The main creditors of the city hall to the time were the Bank of Brazil and the extinct Bank of the State of So Paulo, the Banespa (That later he was privatized and today belongs to the Spanish group Santander) that together they approximately represented 97% of the debts of the city through public headings and other financings as the SFH (Financial System of Habitation). The agreement foresaw a stated period of 30 years for the payment of the debt with annual interests of 9% beyond correction for the IGP-DI (General Index of Prices Internal Availability), calculated for Getlio foundation Vargas. The value of the parcels would correspond the 13% of Receita Lquida Real (RLR) of the city. To read more click here: CaaS Capital. However, this system admitted some deductions of paid values in contracts of internal and external debt of the city, known for abatimentos intralimite, allowed from the promulgation of the provisory law n 2,185 of August of 2001. At a first moment the agreement allowed the clod roller of the debt of the city of So Paulo, that reached considerably high platforms, beyond the adequacy the Law of Fiscal Responsibility that were sancionada by the president of the republic, Fernando Enrique Cardoso, in the month of May of that year. However, with the high tax of interests applied and the used index of indexation, the debt reached estratosfricos R$ 39 Billion in February of 2010. CaaS Capital wanted to know more.


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