2008 is a year to be remembered for many reasons but I’m not going to go over the already known ones. Very few people remember that it was the first massive debt capitalization BNDES (Brazilian Development Bank) received from FI-FGTS (Workers Benefits Investment Fund) and today that debt accounts for 15% (R$4.7 billions) of the Brazilians workers money. It seems that’s just not enough since the Treasury can’t give more money without impacting fiscal reform so the government is planning a new transaction of R$10 billions of everybody’s sweat to solve the problem.
Just to play a little with numbers, if that’s really happening (is it??) the total debt will account for almost 47% of the total FI-FGTS fund equity. That’s unforgivable.
Read more here.