Unfortunately that can also backfire. Cities that host the Olympics tend to have serious financial crashes afterwards. One of the leading catalysts for Greece's financial collapse was the 2004 Olympics in Athens.
11 million was earmarked and squandered. Originally stating 80% of the pollution would be cleaned up by the Olympics. Now Rio has gone with a "fuck it" attitude and will try to just have boats available to clean up during event. They also said testing will be done through out... I have my reservations believing they'd ever delay/cancel events based on findings though
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