Hosting the Olympics has gone from glory to sinkhole

Washington

BRAZIL cannot seem to catch a break. It is suffering the worst economic slump in decades; its president may be thrown out of office; it is contending with the zika virus. Now, to add to these indignities, come the huge subsidies to pay for this summer's Olympics. The costs exceed US$10 billion, with only a fraction to be covered by revenues from the Games.

Once upon a time, hosting the summer or winter Olympics was considered a national trophy and global status symbol. Sure, costs were high, but with rapid economic growth, they seemed bearable.