Back

Weekly Report - 24 November 2016 (WR-16-46)

BRAZIL: The rise and fall of Rio de Janeiro

This week, federal prosecutors have come closer to discovering how state governors burnt a R$17bn (US$5.01bn) hole in Rio de Janeiro’s public finances. Over the past decade, Rio de Janeiro has seen its fortunes reversed. Its heyday of lavish spending from the commodities boom is firmly over and the city remains entrenched in the depths of recession. Last week, hundreds of protestors gathered outside the state legislative assembly, known as Alerj, to campaign against pending austerity measures on a daily basis. Many are struggling with the effects of inflation and unemployment and bemoan the lack of state support. Close by, a 27-story concrete block, which houses the state-run oil company Petrobras, is a poignant reminder of the oil money the city used to possess. These days, however, Petrobras too is struggling to hold on to its workers and is still US$11bn in debt.

End of preview - This article contains approximately 1423 words.

Subscribers: Log in now to read the full article

Not a Subscriber?

Choose from one of the following options

Back

Articles in this issue