Business

Oil boom could help Rio’s economy emerge from the recession

petrobras oil boom rio de janeiro
Oil boom could help Rio’s depleted finances. Photo: Stéferson Faria/AgP
petrobras oil boom rio de janeiro
Oil boom could help Rio’s depleted finances. Photo: Stéferson Faria/AgP

For years now, Rio de Janeiro has been the textbook example of the financial crises facing Brazilian states. Just weeks before the Rio Olympic Games in 2016, the state declared “public calamity” – just one step away from bankruptcy. Rio’s financial collapse has led to...

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