Ten States Fail to Meet Spending Limit, Risk Paying R$30 Billion to Federal Government

The penalty provided for in such cases is the reinstatement of full payment of the debt installments that have been deferred in recent years.

RIO DE JANEIRO, BRAZIL - National Treasury Secretary Mansueto Almeida said yesterday, September 27th, that ten of the 19 states that renegotiated debts with the federal government failed to meet their spending limits.

"They will lose all deferral benefits and be required to pay the extra interest they have failed to pay in the past two years. It's a bill of more than R$30 billion (US$7.5 billion)," the secretary said.

According to Mansueto . . .

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