Despite the spectacle, the Olympic Games is turning into a financial disaster. Greece has raised its...
Despite the spectacle, the Olympic Games is turning into a financial disaster. Greece has raised its estimate of government spending on the event three times and it now stands at as much as E7bn ($8.6bn), according to deputy finance minister Petros Doukas. That is 52% more than the initial cost estimates. And for what? A few weeks of ceremony that will be swiftly forgotten? A raised profile for what is already one of the most famous cities in the world? A boost for an already growing economy? Those are meagre returns for such huge expenditure. In reality, the Olympic Games have become a ...
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