Let's be frank: Petrobras isn't filing for bankruptcy protection only because it's a state-owned company.

The phrase in the title of this article is part of what Carlos Alberto Sardenberg published on April 28, 2016, and will therefore be 4 years old next week, with the title "Burying Populism Again". 

At the time, Sardenberg, whose article was published in all newspapers affiliated with the Globo network throughout Brazil, was categorical, 

“They broke the state-owned company. Let's be frank: Petrobras isn't in bankruptcy protection only because it's a state-owned company. Everyone expects that, at some point, the government will print money to recapitalize the company.” 

And more: 

"Petrobras didn't go bankrupt solely because of corruption. The main cause is the terrible management, a consequence of those statist principles." 

I won't say any more about this article, as I'll leave it to you to read it in its entirety.

https://oglobo.globo.com/opiniao/enterrar-de-novo-populismo-19183977 

The fact is that 2016 ended and there were no requests for judicial reorganization, much less any contributions from the Treasury. 

On the contrary, at the end of 2016 Petrobras advanced R$ 20 billion to BNDES, easing the bank's cash flow. 

The year ended with a $5 billion credit, kept in limbo, with Eletrobrás and $11 billion to receive from assets already sold. 

Even so, it still ended 2016 with a cash balance exceeding US$20 billion. 

In 2016, Petrobras achieved an operating cash flow of US$26,2 billion, exceeding all major international oil companies (Exxon 22,10, Shell 20,62, Chevron 12,90, and BP 10,69). 

It ended 2016 with a current ratio of 1,8, equal to the combined liquidity of the two largest American oil companies (Exxon 0,90 and Chevron 0,90), and a cash balance of US$21,20 billion, more than double the combined balance of the American companies (Chevron 6,99 and Exxon 3.65). 

Carlos Alberto Sardenberg never retracted his statements; on the contrary, he continued to say that the company was bankrupt. He never presented any figures to support his claims, mainly because it would have been impossible, as the numbers always showed the opposite. 

The rest of the major Brazilian media outlets (besides Globo), equally subservient to foreign interests, accepted everything as truth without any investigation, even a superficial one.

And the lie became truth for the deceived Brazilian population: Petrobras was bankrupt. 

In 2016, Michel Temer appointed Pedro Parente as president of Petrobras. Now that was something. It was everything the Globo journalists wanted. Miriam Leitão exclaimed, "A colossus!"

In October 2016, Parente implemented the new pricing policy. A true act of treason and against the popular economy. Nobody in the Brazilian press even analyzed the issue, saying "the company was in good hands." 

Due to this pricing policy, Pedro Parente lost his job in 2018, during the truckers' strike. They implemented some subsidies, but the pricing policy continued.

Beyond the pricing policy, a truly poisonous peculiarity, we are witnessing the reckless sale of valuable assets. 

I've already talked a lot about all this and I don't want to be repetitive. 

We arrived in 2019, when the company only showed a profit thanks to the sale of assets and control of BR Distribuidora. 

The company was destroyed. Where are the Globo journalists?

It's been a while since I've read anything from them about Petrobras. I suggest a title for Sardenberg to write: "Burying Neoliberalism Again". 

Claudio da Costa Oliveira

Retired economist from Petrobras