The Bankwatch

Tracking the consumer evolution of financial services

Brazil – a country racked by white elephant projects

Its that time of year when reviews are everywhere. This NY Times piece on Brazil is no surprise but shocking nonetheless. As the ‘B’ in brics (Brazil, Russia, India, China and South Africa) Brazil is least deserving to be part of the group, with Russia doing its best to hang on too. The transportation systems that will never be completed, and white elephant stadiums that will absolutely be empty after the World Cup in June make Brazil look more like Detroit relatively.

“The fiascos are multiplying, revealing disarray that is regrettably systemic,” said Gil Castello Branco, director of Contas Abertas, a Brazilian watchdog group that scrutinizes public budgets. “We’re waking up to the reality that immense resources have been wasted on extravagant projects when our public schools are still a mess and raw sewage is still in our streets.”

Written by Colin Henderson

December 25, 2014 at 20:35

Posted in Uncategorized

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