@article{Bresser-Pereira_1999, title={A turning point in the debt crisis: Brazil, the US Treasury and the World Bank}, volume={19}, url={https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/1059}, DOI={10.1590/0101-31571999-1031}, abstractNote={<p>This paper is an account of the Brazilian 1987 negotiation of the debt crisis, that<br />represented a turning point in the history of this world financial crisis. When the author<br />assumed the Finance Ministry of Brazil, in April l997, the country was in moratorium. The<br />minister, after consulting international bankers, economists and state officials, prepared a<br />proposal for solving the problem that was based in two key ideas: the securitization of the<br />debt with a discount, and the relative delinkage between IMF and the commercial banks in<br />the negotiations. In September 1997 the proposal received from the Secretary of the Treasury,<br />James Baker, a public “non starter” answer, but given the interest it immediately arose in the<br />international financial community, eighteen months later the Brady Plan, that established the<br />parameters for solving the debt crisis, had as core proposals these two ideas.</p> <p><strong>JEL Classification:</strong> N16; B31.</p>}, number={2}, journal={Brazilian Journal of Political Economy}, author={Bresser-Pereira, Luiz Carlos}, year={1999}, month={Apr.}, pages={350-380} }