Brazil's President Michel Temer signed a temporary decree on Thursday lifting a 20 percent limit on foreign investment in Brazilian airlines and allowing total ownership by external capital.

Presidential chief of staff Eliseu Padilha said foreign investors would help solve the lack of financing faced by domestic airlines. Padilha told reporters that the decree, which must be approved by Congress in up to 180 days, was not decided because of the bankruptcy filing on Monday by Brazil's fourth largest airline, Avianca Brasil.