Rio de Janeiro said it’s running out of money to pay for basic services months before the Olympic Games while other Brazilian states warned of similar financial crises if the federal government doesn’t provide debt relief, Bloomberg News reported. Six state governors and a representative for Rio de Janeiro said on Tuesday their fiscal woes are forcing them to make cutbacks that could lead to a breakdown of social services. Rio has been delaying payment of salaries to public servants since the beginning of the year.

Argentina returned to the international bond markets for the first time in 15 years on Monday as it winds down a long-running battle with investors following its 2001 default, the Irish Times reported. Argentina announced a $10 billion-$15 billion bond, whose proceeds will help pay off the holders of its defaulted bonds who had rejected the payment terms of the country’s debt restructuring. New President Mauricio Macri wasted little time after taking office in December in agreeing terms with most of the holdouts, led by US hedge funds Elliott Management and Aurelius Capital.

A political crisis and a two-year corruption scandal have brought Latin America’s largest economy to its knees. Now the country is looking to the lower house to end the political stalemate. There legislators prepare to vote on Sunday whether to move ahead with an impeachment of President Dilma Rousseff that could end with Vice President Michel Temer taking the reins, Bloomberg News reported. The government is appealing in the Supreme Court to halt the vote.

For the past two months, Brazilian financial markets have staged wild rallies over any sign that left-leaning President Dilma Rousseff might be ousted from office, even as the nation’s economy spiraled further into the depths of its worst crisis in generations, The Wall Street Journal reported. Now, with a crucial impeachment vote looming on Sunday, investors may soon get their wish for new leadership. If two-thirds of lawmakers in Brazil’s lower house vote to try Ms. Rousseff on charges of doctoring the government’s fiscal numbers, she will have to step aside, at least temporarily.

A US appeals court has cleared the way for Argentina to raise as much as $15bn to pay holdout creditors, enabling the Latin American sovereign to re-enter international capital markets after more than a decade on the sidelines, the Financial Times reported. The decision from the US District Court of Appeals in Manhattan affirmed a judge’s ruling to lift an injunction that barred Argentina from paying certain creditors, which subsequently pushed it into default in 2014.

An economic, social and political crisis facing Nicolás Maduro, Venezuela’s unpopular president, is being aggravated by a rise in violence which is prompting fears that this oil-rich country risks becoming a failed state. Critics say that the Venezuelan government is increasingly unable to provide citizens with water, electricity, health or a functioning economy which can supply basic food staples or indispensable medicines, let alone personal safety. All this is creating a broad unease that Mr Maduro is unable to maintain order.

An Argentine prosecutor has requested that former President Cristina Kirchner be investigated as suspect in a wide-ranging money-laundering probe allegedly involving a prominent government contractor and associate of Mrs. Kirchner, The Wall Street Journal reported. State news agency Telam reported on Saturday that federal prosecutor Guillermo Marijuan made the request to the judge in charge of the investigation focusing on Lázaro Báez, the owner of leading construction firms and partner of hotel and property businesses with Mrs.

Bankruptcy protection requests in Brazil more than doubled in the first quarter from the year-earlier period, as businesses suffered from the highest borrowing costs in a decade and a steep recession dragged down revenue, credit research company Serasa Experian said on Wednesday. Companies filed 409 requests for court protection from creditors last quarter, the highest number since the country enacted a bankruptcy law in 2005, Serasa said in a report. In the first quarter of last year, 191 companies sought bankruptcy protection, Serasa said.

State-controlled Petróleo Brasileiro SA unsuccesfully sought the appointment of arbiters to rework a long-term contract with debt-laden drilling rig leaser Sete Brasil Participações SA, according to three sources with knowledge of the situation, Reuters reported. The proposal, made in recent weeks, called on each party to name three mediators to rework the contract, said the sources, who requested anonymity since the plan is private. The contract between Petrobras and Sete Brasil has been in dispute for two years.

Argentina’s Senate gave the green light to a landmark deal to repay creditors holding defaulted debt in the early hours of Thursday, marking the end of a 14-year legal battle that had made the country a global financial pariah, the Irish Times reported. The deal, which had already been approved by the lower house of Congress, is the cornerstone of new President Mauricio Macri’s plan for revitalising an economy hobbled by low investment, high inflation and precarious central bank reserves.