Such are the lousy state of finances for the London 2012 Olympics, that the organisers have had to go "cap in hand" to the European Investment Bank for a £225M loan for the development of athletes' village project in East London.
The loan is required to plug the shortfall in private sector funding that has all but dried up because of the recession.
The interest charged on the loan will be higher than interest charged by the UK Treasury, thus adding further costs to the already out of control Olympics budget which currently stands at £12BN (including £2BN running costs).
Olympic Medals won during the Beijing 2008 Olympics
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