Facing severe budget cuts in almost all aspects of the Games, the Rio de Janeiro Olympics have been buttressed by the Japanese electronics company’s Panasonic signing on as a sponsor of the opening and closing ceremony.
Panasonic is one of the International Olympic Committee’s top sponsors, but taking a role in the ceremonies is unusual, and reflects the reality of Brazil’s economy. The country is in the midst of a steep recession, President Dilma Rousseff is fighting impeachment and the inflation rate is over 10 percent. The economic crisis has forced cutbacks across the board for South America’s first Olympics.