Posts Tagged 'Olympics'

A Quickie: Is It Too Late For Vancouver? London??

For those selling the “Olympics winfall” and investors hoping to cash in from the supposed post-Olympics bonanza (believe me there are plenty who bought into this; isn’t that how these huge expenditures are sold?):
Could Olympics Undo the Global Economy?
That’s one looming disaster scenario as Greece, crushed by debt from hosting the 2004 Games, threatens to topple international lenders.

…Greece’s crushing debt problems can be traced back to the 2004 games, which cost the smallest nation to ever host the Olympics a whopping $15 billion — double what was originally predicted.

In 2002, the Greek deficit was a manageable 1.4 per cent of GDP. But as pre-Olympic spending kicked in one year later it had more than doubled to 3.2 per cent — well above the limit for Eurozone members…

See also: “What Bankrupted Greece? It Was The Olympics!”

P.S. What an ugly logo, London!