Brazil Debt Accord Near

By The Associated Press

June 24, 1992

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David Rockefeller, a former president of New York's Chase Manhattan Bank who now represents the bank as a consultant, said today that Brazil was close to reaching a new agreement with private creditors to reschedule $41 billion of its foreign debt.

"The progress is encouraging and the road is open to an accord," said Mr. Rockefeller after a 45-minute meeting with President Fernando Collor de Mello at the Planalto Palace.

Mr. Rockefeller said a corruption scandal shaking the Collor Government would not threaten negotiations for a new debt accord.

Political pressure is growing for Mr. Collor to step down while Congress investigates charges of graft, influence peddling and tax evasion against President Collor's 1989 campaign treasurer, Paulo Cesar Farias.

"The debt negotiations are being carried out on a technical level, that is why political problems in the country will not be a complication," Mr. Rockefeller told reporters.

Brazil, which leads the Third World with $118 billion in foreign debt, is seeking to convert the debt into 30-year bonds that would be backed by the United States Treasury.

A version of this article appears in print on , Section D, Page 18 of the National edition with the headline: Brazil Debt Accord Near. Order Reprints | Today’s Paper | Subscribe

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