This article develops arguments in favor of recomposing the
time to maturityof the domestic public bond's debt and presents
calcul.ations on the amount of tax required by different terms of
payment of that debt, assuming that it is rescheduled. Tv..'O
alternatives are presented ~nd evaluated. Alternative one offers
a collateral for the principal owed and calculates' the. flow of
interest in relation to GDP during the repayment period .
Alternative two is based on making.gradual and small down~payments
to repay the old debt within a newinstitutional framework. Both
alternatives yield a substantial alleviation of the interest burden
compared to the present policy. The main conclusion is that with
a dollar long-term ·interest rate similar to the ones observed in
the international markets -- about 8%~ year -- and a 3% a year GDP
growth rate, the domestic public debt could be paid in 20 years if
a yearly provision of only 0,6% of GDP is allocated to its payment
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