The new debt renegotiation program launched by the government, named Desenrola 3, is on a tight schedule. The plan was developed in just a few weeks, and many operational details still need to be finalized, with the aim to conduct the first auction by November. Despite this, banks have a positive outlook. Industry sources downplay concerns over the so-called moral hazard, stating that their primary concern is the fiscal impact on the government.
The initiative involves acquiring credit portfolios related to individual debts that have been in default for more than 720 days but less than 1,645 days (two years to four and a half years) as of September 25, 2026. The original value of each debt must not exceed R$10,000. The…