Brazil: World Cup blues UPDATED

Oh-oh:
Hope Fades in Brazil for a World Cup Boost
For many Brazilians, facing unfinished or canceled infrastructure projects, the World Cup has become a symbol of the unfulfilled promise of an economic boom in this South American nation.
Money quote:

For many Brazilians, the Cup has become a symbol of the unfulfilled promise of an economic boom for this South American nation. But the boom has fizzled. And now the World Cup’s $11.5 billion price tag—the most expensive ever—and a list of unfinished construction projects have become reminders of the shortcomings that many believe keep Brazil poor: overwhelming bureaucracy, corruption and shortsighted policy-making that prioritizes grand projects over needs like education and health care.

Video:

And in yesterday’s paper, World Cup: A Dozen Stadiums, a Million Problems
Brazil’s World Cup Build-Out Is Late and Over Budget; Workers Scramble to Finish Roofs, Seats and Sidewalks
. Don’t miss the slide show.

UPDATE:
Glum: Brazil’s economy grew by 1.8%, and its bonds were downgraded to BBB-, the lowest investment grade.

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