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Olympics

Rio Risks Olympic Costs Surge 500 Days From Games As Construction Lags

With less than 500 days until Rio de Janeiro hosts the Olympic Games, construction of several venues "has not started and some major contracts have not even been tendered, setting the stage for a last-minute rush that will likely drive up costs," according to Stephen Eisenhammer of REUTERS. It may seem like a "familiar script" for major sporting events. Rio 2016, though, may "end up being one of global sport's closest calls yet, resulting in a race against time that would inevitably inflate" the current R$40B ($13.2B) price tag. Michael Payne, who worked at the IOC for more than 20 years and helped Rio put together its bid, said, "There's still a lot to be done." He added that a "last-minute scramble was probably inevitable." In Brazil, any hike to the overall cost will be "hard to stomach for a country in the midst of an economic slump and a fiscal austerity drive." Brazil's government, as with all Olympic hosts, has "guaranteed to finance any cost overruns." Brazilian officials "bat away criticism, saying comparisons with other Olympics are misleading." They point to Brazil's hosting of the 2014 World Cup when, despite stadiums being "handed over later than ever, the event was a success." Acting head of the Public Olympic Authority Marcelo Pedroso said, "London and Rio are very different. The laws are different, the processes are different. We are a developing country and we have our own characteristics" (REUTERS, 5/8). 

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