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RIO DE JANEIRO, BRAZIL - Brazil's CDS (Credit Default Swap), an international indicator of default risk, tripled in 2020 because of the crisis triggered by the Covid-19 pandemic. The upward trend was also observed in the bonds of all other countries in the world, since the disease spared no economy.

Nevertheless, Brazil's CDS managed to distance itself from the average of those countries with the same risk rating as ours (BB-) in the main international agencies. According to specialists, this performance is related to the fiscal adjustment measures Brazil had been implementing in the pre-crisis period - but . . .

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