Once the Olympics, which open this Friday in Athens, are over; the Greek government, and Greek citizens, will face the prospect of settling a very large bill which will damage Greece's credit rating.
It is reported that Standard and Poor have published a report today, which gives warning of future problems for the Greek economy.
They note that the Olympics have given Greece an opportunity to shrug off its agrarian economy. However, if Greece wishes to maintain its current credit rating, it will need to increase taxes and cut public expenditure.
They note that the Olympics has improved the mobility of the Greek labour force, and improved the infrastructure.
However, the current cost estimates for the Games stand at $8BN (with some predicting $12BN) on top of a debt burden that has risen from $32BN to $49BN.
The Greek government faces a challenge of Olympic proportions.
Other News
It seems that there is a story going around that athletes and others, who are particpating in the Games, will not be allowed to blog about it.
Wonder why?
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