Financial Recovery

In 1962 the federal government emitted 150.000.000 of headings destined to the domestic market, called Headings of Financial Recovery the interests of 7% to the year, but due to credibility lack it did not obtain to place great part of the same ones in the market. For comparative effect while Brazil catches money in the international market on average 13.5% to the year, U.S.A. catches the interests of the SYSTEMATIC TRICK some reorganizations of the Brazilian debt or the diverse tricks the reorganization of the debt of 1884 and 1886 In the period understood between the 1884 and 1886, Brazilian public debt, was reorganized for the first time, being that the headings that promised 6% interests to the year had been changed by others in the percentage of 5% to the year, what was made through the Law n 3,229, of 03/09/1884 and the Decree n 9,581, of 17/04/1886. Related acts legislative they convoked the carriers of headings of the public debt, agreed initially with those interests, to change them for that they would pay lesser interests without, however, to impose any obligatoriness, as it is inferred of the writing of art. 7 of the Dec. 9.581/86. This exchange beyond diminishing the tax of interests of 6% for 5 caused to a great loss to the carriers of the headings therefore the value of a story of kings in the period of> 1822 the 1833 bought 2,241, 19 grams of gold, in the period of 1834 the 1849, only bought 1434,36 grams of gold and in the period of 1850 the 1900 a story of kings only bought 896,47 grams of gold. Thus being the exchange of a heading of a story of kings bought, for example, in 1830 and changed by another one of a story of kings in 1886 it caused to the carrier the loss of 1.344, 72 grams of gold.

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