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Rio state declares financial emergency, requests funding for Olympics

Rio de Janeiro’s governor declared a state of financial emergency Friday and requested federal funds to help fulfill obligations for public services during the Olympics that start Aug. 5. Emergency measures are needed to avoid “a total collapse in public security, health, education, transport and environmental management,” a decree in the state’s Official Gazette said.

Soros Warns China Credit Cycle Has Gone “Parabolic” Just To Keep Zombies Alive

zerohedge.com After warning last year of a “practically unavoidable” hard-landing to come in China, George Soros unleashed his central-planner-crushing self last night on the great red ponzi. As we noted last night, Soros warned the “parabolic” rise in credit  is very worrisome, and “eerily reminiscent of US in 2007-8,” specifically adding that “most of the

3 huge cities flirting with bankruptcy

By Karen Riccio  Staggering under pension obligations and debt, any of these could follow Detroit into court Detroit’s looming bankruptcy is making news again, this time focusing on current restructuring plans aimed to wipe out $18 billion in debt by axing pension checks of city retirees, including police and fire.  Massive long-term retirement and healthcare