Yes, it seems Brazil is prepared to host the summer Olympics. They've worked hard to prepare the arenas and all other needs related specifically to the games. They've also worked hard to combat the issue of Zika virus. They've also worked on security measures. No country can ever be prepared for all possible problems connected to a huge event like this.
A country with poor governance, a broken economy, rampant gang violence, graft and no environmental controls should never have been put in the position of hosting the Olympics. The optics on TV will come across just fine, NBC and other networks are quite good at what they do, but the people of Rio and Brazil are certainly ready to lose more than they gain from this fiasco.
Many believe that Brazil is not prepared to host the 2016 summer Olympics. A lot of the concerns surrounding Brazil hosting the games involve security issues. The country has not demonstrated that it is prepared for the threat of a major terrorist attack during the games. Also, the logistics involved with the games can be a nightmare for host countries. Canada struggled with being ready for the winter games in 2010, and Russia was barely ready in 2014. In short, it is unlikely that Brazil is totally prepared to host the Olympics.
Brazil is not prepared to host the summer Olympics. The Zika virus is running rampant in Brazil. This has caused some athlets to sport special uniforms to prevent the disease, and some athletes have pulled out of the Olympics all together. Physicians have asked that the Olympics be moved or at least postponed due to the disease, as they believe it poses a risk to public health.