Friday October 24, 2014 Search
Weather | Athens
22o C
16o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Former Athens Olympics chief to commission Games cost study

A leading Greek think-tank on Wednesday said it had accepted a commission from the former chief of the Athens 2004 Olympics to study the event’s true cost, deemed the most expensive ever at the time.

"Ten years after the Games...(we are) undertaking a study into the imprint which the 2004 Olympics had on the Greek economy," the Foundation for Economic and Industrial Research (IOBE) said in a statement.

"Until now, there has been no detailed, scientific investigation of their overall impact," the state-supervised foundation said.

IOBE added that the study, to be released before the end of the year, was being commissioned by former Athens 2004 organising committee chief Gianna Angelopoulos-Daskalaki.

Marked by extensive delays that caused huge cost overruns, the Athens 2004 Olympics spearheaded a radical infrastructure makeover but also left behind a host of expensive sports venues that Greece never managed to fully utilise.

Last year, the finance ministry said 8.5 billion euros ($11.4 billion) had been spent on the Olympics, but the bill included non-sports infrastructure such as archaeological sites and hospitals.

The finance minister said out of that total, the sum of 2 billion euros had been covered by ticket sales, TV rights and sponsors.

However, the actual cost of the Games is believed to be around 13 billion euros, including an estimated one billion euros spent on security after the Al-Qaeda attacks on the United States in September 2001.

Greece nearly went bankrupt in 2010, and former International Olympic Committee chief Jacques Rogge in 2011 said the Games "played a part" in fueling the country’s enormous debt.

"If you look at the external debt of Greece, there could be up to two or three percent of that which could be attributed to the Games," Rogge told Kathimerini.

But the competition "could have been staged at a much lower cost, as there were delays that rendered double shifts necessary, and having people work at night does cost more," Rogge said at the time. [AFP]

ekathimerini.com , Wednesday August 6, 2014 (20:05)  
Greens succumb to first loss at Bayern
Roberto´s heroics make Kasami´s goal count
Third-division Iroditos punished heavily after fan death
PAOK fans stop coach Markopoulos´s move to Olympiakos
Interior Minister accused of not paying his health fund contributions
The health fund for journalists (EDOEAP) said on Thursday that Interior Minister Argyris Dinopoulos, a former reporter, had not paid any contributions between 2009 and 2013 but continued to ...
EU leaders to support Cyprus over EEZ rights
European Union leaders are expected to express “serious concern” on Friday at Turkey’s breach of Cyprus’s exclusive economic zone (EEZ) as it emerged on Thursday that a third Turkish warship...
Inside News
Tax rate cut in catering sector has paid off
The reduction in the value-added tax on catering has not only resulted in smaller-than-expected revenue losses for the state coffers, it has also stemmed the flow of restaurant shutdowns and...
Improvement in VAT collection
While Greece came top among European Union states in terms of improving its value-added tax deficit in 2012, it still ranks among those with the biggest problems in VAT collection. According...
Inside Business
COMMENTARY
Tension for tension’s sake?
It is evident that Turkish President Recep Tayyip Erdogan feeds off tension. He would barely have achieved as much as he has – and prevailed – if he had not been so keen to confront a series...
COMMENTARY
Defusing a crisis
The crisis in Cyprus is escalating rapidly and defusing it is an extremely delicate and complicated procedure that will inevitably lead to losses for the weakest of the two sides. The course...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Greens succumb to first loss at Bayern
2. Tax rate cut in catering sector has paid off
3. Improvement in VAT collection
4. Just two banks seen to require more capital
5. Solidarity levy extended to 2016 in bid to meet targets
6. Interior Minister accused of not paying his health fund contributions
more news
Today
This Week
1. Strong winds hamper sea travel
2. TBEX brings together 800 travel bloggers in Athens
3. Samaras to represent Anastasiades at European Council meeting
4. Cyprus president to sit out EU summit due to high blood pressure
5. Spanish unemployment lowest since 2011 as economy grows
6. Arrivals show increase in January-June 2014 period
Today
This Week
1. Coalition shooting itself in the foot
2. The past, present and future of the Greek debt crisis
3. Greece’s closed society is central to its current malaise
4. Greece must stick to reforms, says Schaeuble
5. At least 11 banks to fail European stress tests, three in Greece, report says
6. Cyprus to block Turkey's EU talks after EEZ violation
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.