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Alves dos Reis was a Portuguese criminal who perpetrated one of the largest frauds in history, against Banco de Portugal in 1925, often called the Portuguese Bank Note Crisis. Reis' fraud had enormous repercussions on the economy and politics of Portugal. By the end of 1925, Reis had managed to introduce escudo banknotes worth 1,007,963 at 1925 exchange rates into the Portuguese economy, which was equivalent to 0.88% of Portugal's nominal GDP at the time.
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The Portuguese currency, escudo, was fiscally disturbed and lost much of his credibility. After the scheme was found out, the Bank of Portugal ordered the withdrawal of all 500 escudo banknotes. When Reis's fraud became public knowledge in December 1925, it brought about a crisis of confidence in the Portuguese government. Reis was finally tried in May 1930. He was convicted and sentenced to 20 years in prison.
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