Did 2004 Olympics spark Greek financial crisis?

[Modbert]

Did 2004 Olympics spark Greek financial crisis? - Yahoo! Finance

ATHENS, Greece (AP) -- When it comes to overspending, Greece gets the gold medal.

Governments in the Greek capital of Athens haven't balanced a budget in nearly 40 years, and the country narrowly averted bankruptcy in May before panicky European partners grudgingly put up massive rescue loans.

While many factors are behind the crippling debt crisis, the 2004 Summer Olympics in Athens has drawn particular attention.

If not the sole reason for this nation's financial mess, some point to the games as at least an illustration of what's gone wrong in Greece.

Their argument starts with more than a dozen Olympic venues -- now vacant, fenced off and patrolled by private security guards. Stella Alfieri, an outspoken anti-Games campaigner, says they marked the start of Greece's irresponsible spending binge.

The 2004 Athens Olympics cost nearly $11 billion by current exchange rates, double the initial budget. And that figure that does not include major infrastructure projects rushed to completion at inflated costs. In the months before the games, construction crews worked around the clock, using floodlights to keep the work going at night.

In addition, the tab for security alone was more than $1.2 billion.

Six years later, more than half of Athens' Olympic sites are barely used or empty. The long list of mothballed facilities includes a baseball diamond, a massive man-made canoe and kayak course, and arenas built for unglamorous sports such as table tennis, field hockey and judo.

Don Porter, president of the International Softball Federation, said his organization made an offer several years ago to maintain the Olympic softball venue and use it to host events but never received a reply.

Thoughts USMB?

 

[CrusaderFrank]

Good thing Obama fucked up getting the Olympics for Chicago

 

[Modbert]

Good thing Obama fucked up getting the Olympics for Chicago

Sorry Frank that they didn't pass the public option. Otherwise you could of gotten treatment for that Obama derangement syndrome of yours.

 

[CrusaderFrank]

You should probably close the thread after my response, I don't know how anyone could possibly have anything further to say

 

[Modbert]

You should probably close the thread after my response, I don't know how anyone could possibly have anything further to say

About Obama that is.

Now how about letting the adults discuss things?