São Paulo mayor paves way to settle billion-dollar debt with Brazil’s federal government

Currently amounting to R$25 (US$4.7) billion, the debt would be reset to zero after a settlement involving the Campo de Marte airfield in the capital's northern sector.

RIO DE JANEIRO, BRAZIL - São Paulo mayor Ricardo Nunes (MDB-SP) says an agreement to settle the city's debt with Brazil's federal government is close.

Currently amounting to R$25 (US$4.7) billion, the debt would be reset to zero after a settlement involving the Campo de Marte airfield in the capital's northern part. The city government currently spends R$250 million a month to pay off the debt.

The dispute is decades old - the airport was transferred to the federal government after São Paulo's defeat in the 1932 Constitutionalist Revolution (celebrated as . . .

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