Olympic Host Rio to Cut Event Spend
Brazil’s economy has been in a state of flux recently, with their debt rating being reduced, political turmoil and an economy facing huge cuts and tax rises.
It was therefore inevitable that with these issues and the overspend from the recent World Cup that the Olympics would face an inevitable cut back in spending.
There have bene tlaks of an initial cut back of up to 30% to avoid spending more than the initial budget of $3.6 billion. The opening ceremony has faced some of the largest cuts.
Rio 2016 Director of Communication said “the Brazilian public would not tolerate an overspend… The days of lavish spending are over… ‘We need to be creative in the way we find these savings.”
We will update you as more news becomes available.