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2004 Olympics and Greek Financial Crisis



rainjar
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Jul 8, 2010, 4:22 AM

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2004 Olympics and Greek Financial Crisis or Reply Privately

How much did the cost of the 2004 Athens Olympics contribute to the Greek financial crisis?:
"There are few cast iron laws in economics but one seems to hold - the organisers of sporting mega-events always overestimate the economic benefits and underestimate the costs."
There's always the cost of London 2012 to look forward to. And why stop there? England want the World Cup in 2018 as well.



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(This post was edited by rainjar on Jul 8, 2010, 4:38 AM)


Richard Rundle
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Jul 8, 2010, 10:53 AM

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Re: [rainjar] 2004 Olympics and Greek Financial Crisis or Reply Privately

Yes, the 2004 Olympics did make a loss, a quite substantial one I'm led to believe. However, as this was the first Summer Olympic Games to make a loss since 1980, I'm not sure how much of that could have been predicted in advance - this was the first games post 9/11 so the security costs rose steeply for example.

The budget for London 2012 has already been increased on a number of occasions, but I forecast will come close to breaking even when including the long-term economic benefits (improvements to transport etc.). Just a shame that Wembley had been built, now the new Olympic stadium will be left to be a shadow of what might have been.

--
Richard


rainjar
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Jul 9, 2010, 9:42 AM

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Re: [Richard Rundle] 2004 Olympics and Greek Financial Crisis or Reply Privately

I take it you don't agree with the above quote from the BBC article. Smile



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(This post was edited by rainjar on Jul 9, 2010, 9:43 AM)


Tivvy_Al
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Jul 9, 2010, 11:43 AM

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Re: [rainjar] 2004 Olympics and Greek Financial Crisis or

Overestimating economic benefits and underestimating costs doesn't necessarily mean not making a profit or breaking even.



The test of a first-rate intelligence is the ability to hold two opposed ideas in the mind at the same time, and still retain the ability to function. -- F. Scott Fitzgerald


rainjar
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Jul 9, 2010, 3:27 PM

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Re: [Tivvy_Al] 2004 Olympics and Greek Financial Crisis or Reply Privately

I think the articles address a broader cost-benefit analysis.

I was contrasting what Richard said about "the long-term economic benefits (improvements to transport etc.)" against what is in the passage quoted.

The links don't work, so I'll try them again:




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