SI.com - More Sports - Sticker shock: Athens Games to cost $16 billion - Tuesday August 9, 2005 4:55PM The cost of the Athens Olympics is expected to rise to $16 billion, 18 percent higher that previously estimated.By the way, how much did the US Senior Games cost the city?
What about the cost of the Bassmasters?
Sure, there are city costs, and there are all costs from every agency combined.
Just wondering.
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Big check
Athens Games to cost 18 percent more than estimates
Posted: Tuesday August 9, 2005 4:55PM; Updated: Tuesday August 9, 2005 5:58PM
ATHENS, Greece (AP) -- The cost of the Athens Olympics is expected to rise to $16 billion, 18 percent higher that previously estimated.
Deputy Culture Minister Fani Palli-Petralia, who led preparations for the games, told private Alpha Radio on Tuesday she believes that sum will be for "all the (Olympic) activities."
The minister said maintenance costs for Olympic venues totaled $124 million a year. She conceded that there had been "no interest" for two Olympic soccer stadiums, which the government had hoped to lease.
Palli-Petralia did not say why the estimate had risen. Previous government estimates put the figure at $13.6 billion.
Nearly a year after the Aug. 13, 2004 opening ceremony, the government still has not released the total cost of the Olympics despite European Union pressure.
Greece initially planned to spend $5.7 billion), but repeatedly increased the figure following serious construction delays and heightened security fears.
The ever-growing bill helped push Greece's budget deficit to 6.1 percent of gross domestic product last year -- more than double the limit set by the EU. The Finance Ministry has promised to reduce the deficit to below 3 percent by the end of next year.
Premier Costas Caramanlis' conservative government has argued that benefits from the games will be major -- but long term. Athens has a new transportation network, and the country is hoping its vital tourist industry gets a boost from the international attention.
But the main opposition Socialist party on Tuesday accused the government of practicing "accounting alchemy," and said a major opportunity had been missed to capitalize on the success of the games.
"The government must, at long last, issue a detailed account of Olympic costs," a party statement said. "The government has managed to devalue the great achievements of the Greek people. This was a successful suicide -- unfortunately not only for the government, but for the country and its people."
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