Brazil's Desenrola 3.0 debt relief program gets bank association backing

Brazil's federal government announced Desenrola Brasil 3.0, a program to purchase delinquent credit portfolios via auctions, with discounts up to 90% passed to debtors. The Brazilian Association of Banks (ABBC) supports the initiative, noting it includes credits already written off from original creditors' balance sheets. The program aims to reduce family debt, potentially affecting bank balance sheets and credit markets.