FROM EXTERNAL STRANGULATION TO MORATORIUM: THE BRAZILIAN NEGOTIATION WITH IMF IN FIGUEIREDO'S ADMINISTRATION (1979-1985)

ABSTRACT External indebtedness process adopted in the 1970s was directly associated with borrowing of the II PND. The need for legitimacy of discretionary regime compelled the government to enter the Brazilian economy recklessly in the international financial system. After the second oil shock in 1979, the economic policy of technocracy came down to manage the balance of payments crisis. It was established, then, a long and hesitant negotiation with the IMF and international creditors, whose differences entailed tried the declaration of moratorium on foreign debt years later.

摘要
1970年代推行的外债运作模式，与第二届全国发展计划（II PND）的举债行为直接相关。威权执政体制对合法性的迫切诉求，迫使巴西政府不顾后果地将本国经济卷入国际金融体系。1979年第二次石油危机爆发后，技术官僚主导的经济政策核心转向应对国际收支危机。在此背景下，巴西与国际货币基金组织（International Monetary Fund, IMF）及国际债权人展开了漫长且踌躇的谈判，各方的分歧最终在数年后促成了外债暂停偿付声明的发布。