The organisation of the World Cup has been awarded to Brazil for the event in 2014.  Furthermore, they have submitted a bid to organise the Olympics in Rio in 2016.

With this, Brazil would become the second Latin American country that organises the Olympics (after Mexico 68), and the second that organises the World Cup for the second time (after Mexico as well, who did so in 1970 & 1984, while the World Cup was in Brazil in 1950).

I definitely think the Brazilians will put a great show, but the country has to be sure that they will be able to cover the expenses involved.  These events become bigger and more expensive every time, and as such they are a drain on public resources.