The 2004 Olympics And The Crisis Four Years Later

July 15, 2015 in Daily Bulletin

For a while there it was unclear if we would ever be able to eat Greek yogurt again. But it seems like the Eurozone has figured out a deal, and Greece will stay in the European Union. Peter Berlin took a look at the role that being the host of the 2004 Olympics played in contributing to Greece’s current financial crisis.

  • The games are thought to have cost Greece €7 billion, and the country continues to pay the debt from those games.
  • Meanwhile the International Olympic Committee made close to $1 billion from the event.
  • The IOC seems reluctant to award the games to countries that do things affordably.
  • One solution would be to make a country – probably Greece since the Olympics originated there – a permanent host of the games.
  • As Greece still has all the facilities from the 2004 games which largely sit unused, it would be a boost to the local economy, and would save other countries from expensive construction projects.
  • The 2016 games in Rio, for example, are expected to cost €13.2 billion.

Read more here.

Source: Politico