London 2012 Olympics Feels The Credit Crunch

October 2nd, 2008 by Paul

The credit crunch is leaving its mark on everybody and everything, even future developments. The building work for the London 2012 Olympic games is no different. The banking collapse has seen developers take the strain and put the building of the Olympic village and many other centres tied into the 2012 Olympics on the line. The matter is so serious that there is talk that the Government may have to step in and become guaranteer, for bank loans for the developers.

The Olympic Board are holding talks with the 2012 Olympic Legacy Plan members to see if some venues can be moved, in order to cut costs. Sports such as shooting, equestrianism and basketball have all come under close scrutiny as to where the best place to host and build for these events. However, it is the Olympic Village, where the biggest attention will be upon. If the Government does not underwrite developers’ loans from the banks then the question must be asked : who is going to pay for all this? Of course, as normal, it will be the Taxpayer who ends up carrying the cost.

There is another plan, however, that the Olympic Committee could take. Back in 1948, when London last held the Olympic Games, the Olympic Village was nothing more than an unused war barracks. The athletes were shipped by double decker bus to the Olympic venue each day. And food was still rationed. Perhaps, we might be having similar games in 2012 if this credit crunch continues to hang around till then.

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