As Olympics Looms, Governor Warns Rio Is "Close To Social Collapse"

Submitted by Tyler Durden on 04/19/2016 13:05 -0400
http://www.zerohedge.com/news/2016-04-19/olympics-looms-officials-warn-rio-close-social-collapse
With feces-infested waterways, Zika-carrying mosquitoes, a collapsing economy, and political corruption that runs from top to bottom, Brazil is in trouble. All that excludes now impeached president Dilma Rousseff who refuses to step down, which has cast the country in political limbo.
But just a few short weeks ahead of The Olympics, the people are revolting as Sao Paulo state governor Geraldo Alckmin warns "Rio de Janeiro is close to social collapse" after state payments to retirees have not been made. Of course, none of this matters as long as Ibovespa is soaring and Real is strengthening:

• *RIO DE JANEIRO STATE CHIEF OF STAFF LEONARDO ESPINDOLA SPEAKS
• *ESPINDOLA:RIO DE JANEIRO HASN'T MADE MARCH PAYMENTS TO RETIREES

To which Governor Alckmin adds:

• *BRAZIL'S RIO DE JANEIRO 'CLOSE TO SOCIAL COLLAPSE': OFFICIAL
• *BRAZIL'S RIO DE JANEIRO STATE OWES BRL52B: OFFICIAL
• *BRAZI'S SAO PAULO STATE OWES BRL224B: GOVERNOR ALCKMIN

Which does not look like being solved any time soon:

• *BARBOSA: BRAZIL FED. GOVT HAS TROUBLE MEETING FISCAL GOAL
• *BARBOSA: FED. GOVT. IS AWARE, CONCERNED ABOUT STATE SITUATION

Which seems like exactly what you want to hear to buy the effing dip in Ibovespa: