ETA set to become vehicle for 2004 project financing

ETA, the asset management arm of the Greek National Tourist Organization, is slated to become the financing vehicle for Olympic Games projects in the runup to the August 2004 Games. Sources said the state has already started to transfer some of its assets to the company and that the revenues from the sale of these assets will be used to fund the Olympic undertakings. Thus, ETA will shortly find itself richer by several billion euros from the disposal of state-owned properties. Finance Ministry data showed that the regular budget of the 2004 Olympic Games is currently expected to run to around 5.58 billion euros, with another 587 million euros earmarked for various expenditures. The organizing committee is budgeted separately, mainly from IOC and sponsorship sources.