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“All the people in New York were amazed to hear of this situation” Flavio Brando, Machado Meyer |
Brazil is heading towards an official default and unilateral restructuring of government judicial securities. The securities, commonly referred to as precatorios, are orders issued by local courts for government institutions to pay damages, contractual differences, expropriations and other monetary awards. Lawyers suggest there is up to $100 billion in outstanding precatorios. “No reserves and no provisions appear in the public balance sheets for precatorios,” says Flavio Brando, a member of the Brazilian Bar association and partner at law firm Machado Meyer.
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