Getúlio Vargas Constitution that was supposed to be transitional pending new elections, Vargas assumed legislative as well as executive powers. Also, under the 1937 Constitution Vargas should have remained President for only six more years (until November 1943), but instead stayed in office until 1945. For all intents and purposes, Vargas ruled for eight years under what amounted to martial law. Vargas employed ambiguous policies towards Axis and Allied orbits. At first, Brazil seemed to be entering the Axis orbit — even before the 1937 declaration of the Estado Novo. Between 1933 and 1938, Germany became the main market for Brazilian cotton,
Miguel Vargas on 13 December 2011 for $15 million, well above the equity amount Vargas said owning earlier this year, although the offered guarantees were previously rejected by the management of the Bank Valuations. Members of his party insinuated that the loan, which was approved in eleven days, would be related to Vargas Maldonado's refusal to participate in favor of the party's presidential candidate Hipólito Mejía in the election campaign 2012. He is currently president of the PRD. He is also president of the "Socialist International for Latin America and the Caribbean" and, since 2013, vice president of the International Socialist worldwide.