We study the changes in the electronic structure induced by lattice defects in graphene planes. In many cases, lattice distortions give rise to localized states at the Fermi level. Electron-electron interactions lead to the existence of local moments. The RKKY interaction between these moments is always ferromagnetic, due to the semimetallic properties of graphene.PACS numbers: 75.10. Jm, 75.10.Lp, 75.30.Ds Introduction. A number of recent experiments suggest that pure graphite behaves as a highly correlated electron system [1]. In particular it shows a metalinsulator transition in magnetic fields and insulating behavior in the direction perpendicular to the planes in different samples [1,2,3,4,5,6,7,8]. Recent results show ferromagnetic behavior [9], enhanced by proton bombardment [10], what opens up a new way to the creation of organic magnets [11]. In this paper we study the formation of local moments near simple defects. It is shown that many tyoes of lattice distortions, like cracks and vacancies, can induce localized states at the Fermi level, leading to the existence of local moments. The RKKY interaction between these moments is always ferromagnetic due to the semimetallic properties of graphite. Hence, the RKKY interaction does not lead to frustration and spin glass features.The model. The conduction band of graphite is well described by a tight binding model which includes the π orbitals which are perpendicular to the graphite planes at each C atom [12]. If the interplane hopping is neglected, this model describes a semimetal, with zero density of states at the Fermi energy, and where the Fermi surface is reduced to two inequivalent K-points located at the corner of the hexagonal Brillouin Zone. The low-energy excitations with momenta in the vicinity of the Fermi points have a linear dispersion and can be described by a continuum model which reduces to the Dirac equation in two dimensions [12,13,14,15,16]. The Hamiltonian density of the system is