Petrobras Default Looms Under $90B Dollar-Denominated Debt For the first half of 2015, Petrobras' revenue was down 27% Y/Y from $71.4 billion to $52.0 billion http://www.zerohedge.com/news/2015-09-23/petrobras-default-looms-under-90b-dollar-denominated-debt The Brazilian government directly owns 54 percent of Petrobras' common shares with voting rights https://en.wikipedia.org/wiki/Petrobras