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Brazil Slump Risks Leaving Taxpayers With Olympic Real Estate Bill

The highway has been torn down, tunnels dug, and the walkways and gardens laid in Rio de Janeiro's new business district. But the dozens of office towers needed to make the 8 billion real ($2 billion) renovation viable are missing. The transformation of a derelict port district before the 2016 Olympic Games is a flagship development that wasn't supposed to cost Brazilian taxpayers a thing. Less than a year before the Olympics, however, a real-estate meltdown in Rio has...

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