Brazil's Senate has approved issuing $7 billion worth of government bonds to cover two years' worth of unpaid interest due foreign banks.

William Rhodes, vice chairman of Citicorp and head of the Brazilian bank advisory committee, said the move this week signified a "positive event for international creditors."

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.