That is a lie. Brazil did not accumulate R$10 trillion of new debt under Lula. R$10.9 trillion is Brazil’s TOTAL gross government debt, accumulated across successive governments. It includes the federal government, social security, states and municipalities. Look at the actual numbers for the 12 months through July 2026: • Total gross debt: R$10.9tn, 82.5% of GDP • Primary deficit: R$89.3bn, 0.67% of GDP • Interest charges: R$1.1505tn, 8.67% of GDP • Total deficit including interest: R$1.2398tn, 9.34% of GDP Interest charges alone were nearly 13 times the primary deficit. And in 2026 itself, interest added 5.7 percentage points to the gross debt-to-GDP ratio, while net debt issuance added 1.5 points. So taking the entire R$10.9tn accumulated debt stock and calling it “Lula’s debt” is simply false. Brazil has also been dealing with major external economic shocks. 1. Trump imposed an additional 40% tariff on many Brazilian products, bringing the tariff to 50% where applicable. His own executive order explicitly cited Bolsonaro’s prosecution while imposing the measure. That made affected Brazilian exports dramatically more expensive in the US, putting pressure on exporters, jobs and investment. Increasing prices and costs region wide. 2. The US-Iran war and disruption around the Strait of Hormuz drove global energy costs sharply higher. Hormuz normally handles roughly one-fifth of global oil shipments. Brent has remained around $100 a barrel, about 40% above its pre-war level. Also increasing prices and costs region wide. Brazil consequently introduced roughly R$40bn in fuel-relief measures from March through September, including diesel subsidies and fuel-tax cuts, specifically to cushion consumers from soaring global oil prices. Lula’s fiscal policies can be criticised, but the numbers matter. R$10.9tn is not “Lula’s debt,” interest is currently a huge component of Brazil’s deficit, and Brazil has simultaneously absorbed major external shocks from Trump’s trade policy and the global energy crisis. sources: bcb.gov.br/estatisticas/esta… whitehouse.gov/presidential-… whitehouse.gov/fact-sheets/2… reuters.com/business/energy/… reuters.com/business/energy/… reuters.com/business/energy/…