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Economic raptures, political legitimacy: an analysis of 1987 foreign debt moratorium

Author

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  • Ivan Salomão
  • Pedro Cezar Dutra Fonseca

Abstract

The historical context in which José Sarney assumed the presidency accounted for one of the main reasons for their weakness when he assumed the government. Housed in the historic moment of the decline of the military regime, the president-elect in opposition plate reaped the hostility of the streets and the indifference of the political establishmet. Knowing he could not count on the support of the political class nor the Brazilian society, Sarney tried to make the economic measures of broad popular impact his primary vehicle for legitimacy. After collapsing the Cruzado Plan, the president tried to make the negotiation of external debt his main political banner. He has sought, through the boastful tone in which he involved it, raise the internal support they so desperately needed. JEL Classification: F34.

Suggested Citation

  • Ivan Salomão & Pedro Cezar Dutra Fonseca, 2016. "Economic raptures, political legitimacy: an analysis of 1987 foreign debt moratorium," Brazilian Journal of Political Economy, Center of Political Economy, vol. 36(4), pages 788-806.
    • Handle: RePEc:ekm:repojs:v:36:y:2016:i:4:p:788-806:id:207
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    Keywords

    Foreign debt; Moratorium; Jose Sarney; Legitimacy;
    All these keywords.

    JEL classification:

    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems

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