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Rio Declares Financial Emergency Before Olympic Games

Brazil's Rio state has declared a fiscal crisis less than two months before the opening of the first Olympics games to be held in South America. The declared crisis opens the way for the release of emergency funds for the August 5-21 Olympics and the September 7-18 Paralympics to be held in Rio de Janeiro.  Some of the key Olympic projects depend heavily on the state government. Francisco Dornelles, Rio's acting governor, said in a statement the games pose "serious...

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