By Lise Alves, Senior Contributing Reporter

SÃO PAULO, BRAZIL – After years of planning and implementing new infrastructure works, Rio de Janeiro will host the 2016 Olympics and Paralympic Games. The Games, according to the latest estimates, cost at least 43 percent more than initially budgeted and although the mega sports events may increase retail sales and boost tourism in the city for the next two months, the benefits are expected to be short-term.

According to the non-governmental organization Council on Foreign Relations (CFR) the estimated final cost of the Rio Olympics is now at US$20 billion . . .

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