Gamblers pay 400% loan rates to fund betting frenzy in Brazil

Wednesday, November 13, 2024 7:50 PM
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  • Martha Viotti Beck, Giovanna Bellotti Azevedo, Simone Iglesias and Barbara Nascimento, Bloomberg News

At the headquarters of the United Nations, surrounded by leaders of countries across the globe, Brazil President Luiz Inacio Lula da Silva launched into a tirade about the evils of gambling.

It was an odd topic to raise at the UN’s annual September meetings, especially because this panel had been convened to debate efforts to preserve democratic norms, but Lula was too worked up to care. Gambling, he railed, was destroying the finances of countless people, especially the poorest, who are “piling up debt” to finance their vice.

A few days earlier, his finance minister, Fernando Haddad, had a similar outburst in Brasilia, declaring the problem “an epidemic.”