The Olympics

The Olympics

Text

News, information and stories about the Olympic Games in Athens 2004 and the Olympics in general up until 2007.

Thursday, August 05, 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.

No comments: