Brazil's government aims to remove a large stock of overdue consumer IOUs from bank balance sheets, setting aside 15 billion reais to purchase portfolios whose face value could total as much as 150 billion reais. The idea is to loosen the vise on families after years of pricey credit while giving Lula a boost as voters head toward the Oct. 4 presidential election.
On Friday, Planning Minister Bruno Moretti said the government will hold a November auction to purchase bank portfolios consisting of debts up to 10,000 reais that are two to four-and-a-half years old. Lula is signing a provisional measure to authorize the purchases, plus a separate one that bans online gambling in all forms.
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This sits alongside other pre-election steps: Lula's team has lifted Bolsa Familia benefits and moved to trim fuel costs. For households, clearing some older debts and shaving essentials can improve monthly breathing room. If you track Brazil for signals on consumer strength, watch the auction terms, how many banks participate, and whether any relief shows up in spending and default stats after the Oct. 4 vote.
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