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Did Greece overextend it's budget.....

........hosting the 2004 Olympics has sucked $10-12 billion (in U.S. dollars) out of the Greek economy. That?s more than five percent of the country?s annual gross domestic product! When Greece bid on the games, it was before security was being beefed up around the world as a direct result of the 9/11 terrorist attack. It?s estimated that $1.5 billion is being spent on security alone.

Ticket sales for the 2004 Olympics have been disappointing, partly due to late construction and partly due to a lack of interest in attending the games among the Greek citizens. Just two weeks before the start of the Olympics, about 3.1 million of 5.3 million tickets remain unsold.

I?m glad I?m not paying for the 2004 Olympics - because understanding the mathematical reason for hosting the games is "Greek to me."

more

China has budgeted 23 billion to host the 2008 games.

That?s a lot of mulah especially considering that NYC is aggressively seeking to host the 2012 summer games with a 3.2 billion dollar budget. NYC?s total budget is just a little over half the amount Greece spent on security alone.
Paris is also in the race for the 2012 games, I hope they win the bid. Happy
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Re: Did Greece overextend it's budget.....

In reply to: Did Greece overextend it's budget.....

Hi, Mojo.

If the games were in the US, most of the tickets would sell out, for sure. Travel to China is a lot harder, and though they have a LOT more citizens than any other country save India, few of them can afford Olympic tickets at the usual prices.

-- Dave K, Speakeasy Moderator
click here to email semods4@yahoo.com

The opinions expressed above are my own,
and do not necessarily reflect those of CNET!

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Most Olympic games...

In reply to: Did Greece overextend it's budget.....

have been a loss for the organising country... I think even the Olympics in Los Angeles CA, 1984 and the ones in Atlanta (was that 96?) were huge losses if I am not absolutely wrong. It has little, but probably some, to do with the terror attacks and the security...

Here are some numbers that may be of interest.
.

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Re: Most Olympic games...

In reply to: Most Olympic games...

I think the 84 LA. games made a profit. You are correct about the Atlanta games happening in 96 and Atlanta broke even. However, some metropolitan areas of Atlanta still suffer due to poor long term organization/planning by the Olympic Committee. I think SLC broke even, too.

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Re: Did Greece overextend it's budget.....

In reply to: Did Greece overextend it's budget.....

The Olympics in NYC would be a Technicolor nightmare! ! !

Dan

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(NT) (NT) LOL!!!!

In reply to: Re: Did Greece overextend it's budget.....

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Re: Did Greece overextend it's budget.....

In reply to: Did Greece overextend it's budget.....

Hi, mojo,

I heard on the local news this morning that there is some talk about giving away tickets.

Those seats in the venues I saw sure did look empty! The only one that was full were the stands to view rowing.

Though we competed against professionals with our amateurs in the past, now some sports pit only professionals. I like to win as much as the next person, but I enjoyed the amateur competition more.

Learning that some "champions" were bolstered by drug use, and the scandals involving the Olympic Committee put a cloud on the Games.

I could have missed them, but I saw no appeals for money from the public this year. So I assume it is now all corporate sponsorship. About 30 years ago my kids sent in $5 apiece from their savings, but never received the promised pin.

It looks like Greece will not realize enough tourist dollars to offset the cost. NBC has spread the coverage among their cable outlets. (Smart move.)

Of course, the threat of terrorism probably had an impact, not only for foreign visitors. but also for the increased security costs.

I have always enjoyed watching the Games. But with all of the monies now going into security raising the financial burden, hosting them will be much more expensive.

Angeline
click here to email semods4@yahoo.com

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