Olympics 2016: The biggest financial news you should be aware of

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Taking off from our previous post on Olympics- “Can Olympics Bolster the Financial Future of the hosting nation?” (Check it out at http://financewand.com/?s=Olympics), today we bring to you a few more important highlights associated with Olympics finances.

Brazil has already gone overboard with the Olympics budget

Brazil, notably, is reportedly running 51 percent over budget with an estimated cost blowout worth $1.6 billion! The study conducted by the Oxford University came in the wake of reports of the country reeling under its second consecutive year of Recession. The report even went on to claim that even with the country’s massive budget expansion, its Olympics outlay, can, at its best, be called modest as far as that of Spain (Barcelona) and England (London) are concerned.

It would, however, be unfair to brand Brazil as unwise, in this respect. Professor Bent Flyvbjerg, who led the Oxford University study has mentioned (in the study) that when Rio actually decided to bid for Olympics, Brazil’s economy was doing quite well.

The chance to host the Olympics has turned out to be a double-edged sword for the country. While it hopes to secure unparalleled recognition in global frontiers with this event, it is actually hosting it (the event) at a time when its economic stability itself is questionable.

Have you heard about the tickets scam?

To make matters worse, another major piece of news doing the rounds is that of the Olympics ticket scam. As per reports, fraudsters have actually pulled off a scam worth £300,000 in relation to Olympics ticketing and lottery promises. According to the City of London police, scammers are trying to bluff customers with fake promises of lottery and false tickets. As such, according to them, customers should be conscious about buying lottery tickets and last-minute tickets- and that they should have an authorized sellers list to steer clear of any chances of entrapment. Be on your guard against e-mails promising unexpected gains as the ones mentioned above as well. Action Fraud, the national fraud and cyber crime unit of London police has reportedly received 47 reports in association with Olympics fraud.

Amidst all the reports of a dismal financial scenario in Brazil, we can only hope that Rio has only brighter days to look forward to.