As expected, the private funds for the London Olympic Village have simply dried up, as the hapless Olympics Minister (Tessa Jowell) was forced to announce that the village has been "nationalised".
In other words the taxpayer is paying for construction, using the part of the contingency fund. To date £1.4BN of the £2.7BN fund has been used. Given that the Olympics are still three years away, this rapid draw down of the fund is somewhat alarming; and underscores the fact that the the Olympics budget (currently standing at £12BN including £2BN running costs) is not worth the paper that it is written on.
The "good" news, according to Jowell (quoted in the Telegraph) is that:
"It is clear that investing in the village will now save public money in the long term".
This of course is complete bollocks, as hosting the Olympics was never a compulsory event; ie no Olympics, no cost!
Olympic Medals won during the Beijing 2008 Olympics
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