BRASILIA - William Rhodes, the Citicorp vice chairman who heads the steering committee of Brazil's creditor banks, has reaffirmed that an accord with the International Monetary Fund is essential to a conclusion of Brazil's debt restructuring with commercial banks.

Mr. Rhodes denied a Brazilian newspaper report that said the commercial debt agreement could take effect without an IMF accord.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

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