by Daily Bell Staff
The Daily Bell
Brazil’s Rio state declares financial disaster before Games … The acting governor of Rio de Janeiro state has declared a state of financial disaster so he has more leeway to manage the state’s scarce resources less than two months Brazil hosts the Olympic Games. Francisco Dornelles announced the decision on Friday. It will allow Rio’s state government to change its budgetary priorities without disrespecting Brazil’s fiscal laws.
Worse and worse. The more Brazil struggles to pay for these games, the more alienated many citizens will feel.
The state government is asking the federal government for $900 million.
The Brazilian system grinds on nonetheless.
Its President is impeached. Its economy is in a quasi depression.