Brazil to Reduce Debt

Brazil´s Treasury Secretary Joaquim Levy said the country will refinance $9 billion of the $11.8 billion of international debt maturing in 2006 and 2007 as part of an effort to reduce the country´s foreign obligations. Brazil sold $6 billion of international bonds as part of its 2005 financing plan and Levy said the government may sell bonds later this year to pre-finance spending plans for 2006.