The final contest of the 2016 Rio Olympics looks a lot like "Let’s Make a Deal," according to Tariq Panja of Bloomberg. With R$100M ($32M) in "outstanding debts," the organizing committee is "trying to pay off suppliers with stuff -- air conditioners, portable energy units, electrical cables -- in lieu of or in addition to cash." The "cash crunch" is a legacy of the financial crisis that hit Brazil just as preparations for the Olympics were getting underway. Rio 2016 Communications Dir Mario Andrada said that Rio 2016 is "now asking creditors to agree to settle debts" for 30% less than they are owed. Andrada said that Rio "remains hopeful it will meet its obligations by June, when the organizing committee shuts down." If it does not, the burden "will pass to local and state governments that backed the committee’s credit." Both governments now have financial trouble of their own, and it is "not clear whether they can pay off Olympic debts either." Andrada: "We are confident we will come to an agreement and will honor our commitments." He added that the committee is "still waiting on some money from sponsors" (BLOOMBERG, 4/6).
