Let the Games begin - at the same place Ravi Shankar

Before the 1976 Montreal Olympics, the city's legendary mayor Jean Drapeau is reported to have said "the Olympics can no more lose money than a man can have a baby".

But as a wag recently put it, Drapeau gave birth to many children - for it took the city 30 years to pay off the debt for Games that were way, way over budget.

Last month, Bloomberg cited a study from Oxford University's business school that found that the Rio 2016 Games would cost $4.6 billion, an overrun of 51 percent or $1.6 billion, for a country that is facing a second year of economic contraction. Rio de Janeiro state was reported to be close to bankruptcy, with salaries delayed for civil servants including police.