Rio de Janeiro (city) is hosting the Olympics. Rio de Janeiro (state) is also financing the Olympics. This will allow the state to get emergency loans.
Rio de Janeiro government declares state of public calamity due to crisis
Edit: Reuters: Rio declares financial emergency, requests funding for Olympics
Rio de Janeiro government declares state of public calamity due to crisis
According to the paper, the government fears a "total breakdown in public security, health, education, mobility and environmental management."
Edit: Reuters: Rio declares financial emergency, requests funding for Olympics