Brazil's federal executive: its policies, who pays for them and who gets paid. Same yardstick for everyone.
The public sector paid R$1.205 trillion in interest in the 12 months through September, 17 times the primary deficit and 7.6 times the Bolsa Família budget. More than half of federal debt bonds are held by banks and investment funds. The small Tesouro Direto saver holds 3.1%.
One of the fathers of the Real Plan wants to cut the benchmark rate from 13.75% to 7.5% in a year, because it is interest, not spending, that makes public debt grow. Over 12 months, the public sector paid R$1.205 trillion in interest, 17 times the primary deficit. The idea reached Lula's campaign platform, and the harshest reaction came precisely from those who live by speculating with capital.
From May to September, Brazilian agribusiness sold US$12.2 billion to the European Union, US$1.57 billion more than in the same period of 2025. Meat doubled, soy rose 34%, avocado and honey multiplied. The surplus with the bloc grew 17%.
Reelected with 64.2 million votes against an opponent backed by Trump and by the family that tried a coup, Lula was hailed by Brussels, Paris and Madrid as a victory for democracy. From Mexico's president to Mélenchon's supporters in France, the world made the L.
The PRODES rate went from 11,594 km² in 2022 to 3,335 km² in 2026, the lowest since 1988. In the previous government, it had gone from 7,536 km² to 11,594 km², with a peak of 13,038 km² in 2021.
