The Games' legacy includes massive debt

[papau]

http://www.latimes.com/news/nationworld/world/la-fg-greece30aug30.story

Greeks Hope It Was All Worth It
The Games' legacy includes massive debt as well as modernized infrastructure.
By Tracy Wilkinson
Times Staff Writer

August 30, 2004

ATHENS — <snip>Huge cost overruns have left Greece heavily in debt and will force postponement of major social programs and tax reform, the foundation of the 5-month-old government of Prime Minister Costas Karamanlis.

Failure to deliver could have a heavy political cost for Karamanlis. The government is also saddled with 40 stadiums and sports venues that glistened during the Games but may prove to be white elephants; there is no government plan for how to use the installations, and the price of upkeep will be exorbitant.

At the same time, holding an Olympics without major terrorist incident or other disaster and in defiance of low worldwide expectations has enhanced Greek self-confidence and, Greeks believe, lifted them from second-class status, sealing their transformation into a First World state and resolving some of the struggle over their Hellenic identity. <snip>

The full cost to Greece of staging the Olympics is still unknown. Officially, the government Finance Ministry has estimated the price tag at 7 billion euros, or $8.4 billion, but some private analysts say it could be closer to 10 billion euros — more than twice the amount budgeted. Greece's debt stands at nearly 5% of its gross domestic product, one of the largest in Europe — in a nation already suffering high inflation and unemployment.

Theodoros Roussapoulos, the information minister, said lowering taxes and spending more on social programs, including education, remain top priorities for the government, but would have to be delayed two or three years because of Greece's new financial reality.<snip>

[whistle]

1. Uhmmm, they will need a hell of a lot of tourist dollars....

...to make up for that short-fall. Who really benefited financially in Greece from this massive spending program?

[papau]

2. Well the Socialists lost control of the Gov to the Conservatives - this

was one of many reasons.

But the Greek Rich are nicer than US Rich - aren't they?

And not as sneaky - I mean the first 4 years of law suits to the year 2000 were not to make life hard on a left leaning government trying to build the venues, right?

One of the many interesting (and non- politically correct) Greek sayings from 100 years ago was that one should trust and be friends with the Jew living in Greece well before you ever trusted the "low-land Greek Rich" !!!!!

And that in an era when you had to memorize the 40 tribes one should hate before the age of 10! - - :-)

[whistle]

4. Jesus, I never knew that about the Greek psyche...

...I stip love greek music, food, dancing and of course the greek women.

[papau]

6. Hate was perhaps too strong a word - it is more like my village is

better than yours.

Indeed one got questioned as to why you would want to marry outside of the village back in 1875!

And the Greek hates that I am aware of were of Turks - and of lowland greeks that made loans that were unfair.

Now the Slavic hates were much more extensive and more interesting.

And hatred of the Ottoman amongst Arabs - and of being from the wrong village was also more interesting.


But today in Greece it is all "no problem" - so much so the number one T-shirt folks buy to remember their stay is the "no problem" t-shirt. It is like the English phrase you hear the most often!

Indeed in the 50's in the US the mood amongst all the ethnic groups that I met was to give a dirty look to any that tried to revive the hate the next village/tribe/religion/race/whatever talk.

:-)

[whistle]

7. Yes, village rivalries was a big issue in the feudal societies of Europe

...dating right up through WWII. The unity of Europe is changing that. But, it seems to be taking hold in the U.S. along with numerous other backward attitudes and intolerances that haunted "old Europe". Notice the walled communities and security systems going up all over this country giving the inhabitants a false sense of security?

[papau]

8. Good Observation ! :-)

I hope we do not go back to that time. The Germans had found over 100 "races" in 1900 that were lesser "races" as they were non-German.

[poliguru]

3. Wouldn't it be a cool show of goodwill

If individual Americans sent Greece money for the Olympics?

Think about it - the Olympics are supposed to for promoting peace - what could be a better cause than that? Plus, a lot of the money they had to spend was because of the threat of terrorism, in no small part because of the US.

Not only would it be the right thing to do, but it would help our image as selfish, greedy, pompous bastards.

[whistle]

5. Actually, George W Bush, his cronies and advisers and most....

...of the GOP are doing exactly that, helping portray the U.S. image all over the world as selfish, greedy, pompous bastards. I assume what you mean is: "Not only would it be the right thing to do, but it would help overcome our image as selfish, greedy, pompous bastards."

I think that should be the first priority when Kerry takes office and re-establishes the retro-tax rate increases on those income households earning over $250,000 taxable income to take a portion and bail out the Greek people from this debt. However, the Olympic Committee should also be investigated for mis-using funds as well and make them re-pay what they siphoned off.