Resumo

This paper analyses the Brazilian external debt negotiations which followed the international financial system disruption precipitated the Mexican moratorium. The emphasis is on Brazil-IMF agreements. We divide the negotiations in two rounds, accor-ding to the external financial needs for 1983 and 1984, respectively. Our main conclusion indicates that there will be no economic growth prospects for some years ahead if the present negotiation model is maintained. New conditions, such as longer terms and lower rates of interest, are basic requirements for solving the Brazilian Balance of Payments problem.