Brazil agrees to provide $15 billion state debt assistance until 2018

Brazil agreed to provide debt relief to state governments amounting to 50 billion reais ($15 billion) until 2018, seeking to offer a special loan to Rio de Janeiro prior to Olympics and beef up public services.
Finance Minister Henrique Meirelles unveiled the debt relief as governors met with President Michel Temer, in which they would be given a six-month grace period and 1 ½ year of slashed payments.
Source privy to the matter said Brazilian municipality would receive 3 billion reais ($850 million) loan, payable in the following week.
Rio de Janeiro declared a financial emergency and asked for financing in order to complete the subway which will transport people to the venue of Olympic games and maintain public services during the event.

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