Bolsonaro used Caixa to try to buy votes and leave a loophole on the billionaire

247 – Former President Jair Bolsonaro had caused the billionaire to default on Caixa Econômica Federal in his bid for re-election, According to the information revealed by the portal UOL. According to the report, in early 2022, President Jair Bolsonaro saw his plan to win over the votes of low-income people fail. In view of this, he decided to intensify his actions and relied on the support of Caixa to achieve his electoral goals.

Through temporary measures signed by Bolsonaro and then-President of Caixa, Pedro Guimarães, two lines of credit were established at the State Bank. Until the election, Caixa had released R$10.6 billion to 6.8 million people. However, Bolsonaro failed to win re-election and the result of this “open tap” policy was a massive default on bank accounts, which is now being exposed.

According to UOL, which had access to classified information by Caixa, the financial institution was used as a campaign tool by Bolsonaro, with opaque maneuvers and no transparency. The report indicates that these risky actions exposed the bank to a level of risk unprecedented in modern history.

Temporary measures signed by Bolsonaro resulted in the creation of a small line of credit for people with credit constraints, called “Digital SIM”, and the release of payroll loans for the Auxílio Brasil Program. However, the high default rate in these operations led to disastrous consequences for Caixa.

In the case of SIM Digital, the default rate has reached 80% this year, which could lead to a hole in the bank’s accounts. Part of this loss will be covered by FGTS resources. In the case of Auxílio Brasil’s payroll loans, more than 100,000 borrowers have been turned away from the Bolsa Família this year and the payment of the installments is uncertain.

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