Greek crisis and Olympics – a stretch or real

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The Greek economic crisis was the start of a financial morass for the rest of Europe, leading to apprehension among global investment markets, and the 2004 Summer Olympics can share some of the blame.
When Athens was awarded the games many blanched, questioning Greece’s ability to finance and build the infrastructure to host the games.
Though Greece was able to complete the work just in time, the cost was outrageous and so burdensome that the nation is still feeling the pain.
Just how much blame the Olympics can be given for the Greek financial mess is a matter of debate, but following the Olympics in November 2004 George Alogoskoufis, Greece’s economy and finance minister, said the cost was $11.28 billion with the state shouldering $9.07 billion.
Only $2.21 billion came from the Athens 2004 Organizing Committee through ticket sales. television rights, sale of Olympic logo products and sponsorships.
What a shame that such a wonderful event, something seen as a unifier of global hope and a way to boost the Greek economy resulted in such a drain.
It’s time for participating countries to ante up and assist the host nations in preparing for an Olympics, otherwise another Greece could be waiting down the road.

Categories: General

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