Even if Luna does something in the way of repudiating the debt, he would be extremely foolish to do anything like that before his government was in place and smoothly functioning. My guess is that the real test will come next Spring. At the moment, the US has reversed previous policy to implement a rescue package for Brazil which tells Luna the depth of fear that the US has of a Brazilian meltdown and the damage that would do to the US money center banks. I suspect that Luna will milk the US for all he can get before he seriously considers something as drastic as repudiation.
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