Figueiredo final military — debt crisis, completed abertura

Doctrine — stated goals and content

Terminal military phase combining acute debt-crisis stabilisation with the transition to civilian rule. Four doctrinal phases: (1) 1979-1980 reflation attempt — Delfim Netto's return to planning ministry with heterodox reflation (wage semestral indexation, interest-rate ceilings on agricultural credit); inflation accelerated from 40% to 110% and Delfim pivoted orthodox in late 1980; (2) 1981-1982 austerity prelude — IMF pressure, sharp fiscal retrenchment, industrial recession; (3) 1982-1985 debt crisis management — Mexican default August 1982 contagion closed Brazil's external credit; Brazil entered first IMF Extended Fund Facility February 1983; January-February 1983 maxi- devaluation (30%); seven successive IMF letters of intent; external debt peaked USD 104bn (1985), debt-service-to-export ratio ~60%; (4) completed political abertura — November 1979 Party Reform dissolved ARENA/MDB and created multi-party system; November 1982 direct gubernatorial elections; Diretas Já campaign (January-April 1984) demanded direct presidential election but Dante de Oliveira amendment failed; Tancredo Neves elected by electoral college January 1985 (died before inauguration; Sarney sworn in 15 March 1985). Stated school: orthodox stabilisation with corporatist incomes-policy residue. Left-right axis: authoritarian-right on political content, centre-right on economic content post-1980 pivot. Popularity / legitimacy: no direct presidential election; November 1982 legislative elections — first under party reform — PDS retained Chamber (49%) against PMDB (43%), PDT (5%), PT (3%); 1984 Diretas Já rallies of 1.3M people in São Paulo pressed transition. Coherence line: trade heterodox reflation ambition for debt-crisis-compelled orthodoxy while completing the political negotiation of the handover to civilian rule.