International Paralympic Committee (IPC) president Philip Craven insists that the Games would not be cancelled despite what he described as a "precarious" financial situation.

Rumours had circulated that the Rio 2016's organisers had blown all of their funding on the Olympic Games, Craven held crisis talks with them and mayor of Rio, Eduardo Paes, yesterday.

"Although the situation is pretty precarious, rumours that the Games may not go ahead or that sports may be cut are totally unfounded and not true," said Craven.

"Our aim right now is to bring in additional funding and resources in order to deliver the Games at the service levels expected by all stakeholders, most importantly the athletes.

"If no extra funding is available then the organising committee will have to implement further cuts to the Paralympic Games on top of the cuts we have already made alongside the IOC and Olympics.

"Regrettably, if no more funding is available then the organising committee's additional cuts will start to impact on the services offered to the athletes who have dedicated years of their lives to reach and compete at these Games. This is the last thing that we want to do.

Paes has assured the IPC that he was ready to deliver 150 million Brazilian reals (€42m) help with Rio 2016's budget.

However, a court injunction against the organising committee receiving additional public funding until it opens up its accounts.

"Clearly, the simplest and easiest way round this is for the Rio 2016 organising committee to be open and transparent with its financial records in order to allow this additional funding to come in," he explained.