SAO PAULO (AP) — The Brazilian Olympic Committee has warned that Rio de Janeiro won’t be able to pull off hosting the 2016 Games if a new law reducing the state’s oil revenues is passed.
The committee says a bill approved last week in Brazil’s lower house of congress would mean $4 billion less in oil revenues for Rio de Janeiro state.
The committee said in a statement Monday the impact would leave Rio de Janeiro unable to finance Olympic projects.
The bill still faces debate and a vote in Brazil’s senate. President Luiz Inacio da Silva has promised to veto it if changes aren’t made so it doesn’t jeopardize the games.
