process, Franco was in charge of the composition of the collateral guaranties for the new bonds under the Brady scheme. These guaranties would take the form of US Treasury Zero Coupon bonds with certain features, with a face value of approximately US$ 18 billion (and market value of US$ 2,8 billion) to be acquired with funds provided by the IMF under a stand-by agreement. However, IMF representatives did not feel comfortable with the drafts of the Real Plan shown during the negotiations of the stand-by agreement and refused to go on with the loan, forcing the Brazilian authorities to develop some alternative strategy to acquire the US Treasury bonds in the secondary market using Brazil’s international reserves. The deal was described in detail in Guilherme Fiuza’s book in the chapter titled Sorry, Mr. Fagenbaum. Right next to completing Brazil’s Brady Plan version, simultaneously with the Real Plan, Franco dealt with Paris Club debt and the Dart family, who did not wish to adhere to the Brady exchange. With these issues sorted out the challenge for the Republic was to return to international markets with new bonds and proceed with the building of a yield curve. The new program coordinated and executed by Franco comprised 16 new issues in 10 different currencies, between 1995 and 1998, totaling US$ 8,2 billion, including the issuance of the so called "BR-27" (the first 30-year bond voluntarily issued in decades, falling due in 2027) in exchange for cash and for Brady bonds, thus recovering the previously offered collateral in US Treasury bonds. Forex deregulation and phasing out exchange controls Exchange controls deregulation was one of the greatest challenges of the International Affairs section of the Brazilian Central Bank, a modernization imperative and an essential condition for the prevalence of supply and demand as determinants of the exchange rate. The architecture of liberalization was based on the creation of new and segregated market for US Dollars in which rates were determined by supply and demand in parallel to the official market and to compete upfront with the “black market”. Initially fed only by Dollars sold by tourists, the scope of transactions was gradually extended, while, liberalization in the official market, along with a better balance of payments stance, resulted in gradually eliminating the spread between official and free markets. From 1988 to 2006, when all legal markets were unified, deregulation consisted in expanding the nature of