SAO PAULO - Brazil reached an agreement with the bank committee with which it is negotiating a $44 billion debt accord on the recasting of its bond options, the chief Brazilian debt negotiator, Pedro Malan, told reporters.

"We have reached an agreement with the committee. Now we must reach an agreement with all creditors," Mr. Malan said after a meeting in Brasilia with Economy Minister Fernando Henrique Cardoso.

Mr. Malan is serving as special adviser on economic affairs to the newly appointed Mr. Cardoso.

Confirming earlier reports, Mr. Malan said the banks had agreed to accept fixed-rate par bonds for 40% of the package and floating-rate discount bonds for 35% of the package. He did not elaborate.

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