The Olympics

The Olympics


News, information and stories about the Olympic Games.

Thursday, 5 August 2004

Budget Busting Debt

It is reported that the cost of the Olympics 2004, which are being held in Athens, will exceed $7BN. I understand that the original budget had been set at just under $6BN.

Petros Doukas, Greece's Deputy Finance Minister, is reported to have said that these costs (being 4% of GDP) are likely to put Greece in violation of the EU fiscal rules on debt; which state that member nations should not have a debt burden in excess of 3% of GDP.

The costs are being paid by the Greek taxpayer who, if predictions that the total cost will exceed $12BN are correct, will be paying for the Olympics for more than a decade after they have ended.

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