Once nestled in the revenue from its Oil & Gas industry and in funds received for the Olympics and the Soccer World Cup, Rio de Janeiro has been plagued by a deep financial crisis and a political turmoil in recent years. Despite a bailout by the Federal government, the State’s outstanding debt exceeds US$ 33 billion, more than 20 times the State’s GDP. Also, three former Governors of the State were arrested on multiple charges of corruption, embezzlement, and conspiracy. As a means of coping with Rio de Janeiro’s dramatic surge in violence, the Federal government ordered an intervention in the State. Can Law offer a silver lining for Rio? What does the Constitution provide for overcoming crises such as this? In this panel, we will draw on the expertise of an HLS alumnus which is a prominent member of the Cabinet of the Rio de Janeiro State’s Governor to discuss legal solutions aimed at preventing and solving government-debt crises.
Lecture in English.
Felipe Fonte holds an LL.M. from Harvard and a Ph.D. from the Rio de Janeiro State University. He is a Professor of Administrative Law at FGV/Rio de Janeiro. Also, he is a public attorney in Rio de Janeiro, currently designated to the cabinet of the State’s Governor.