The Olympic games have developed over recent years into one of the most important and significant international sporting events across the globe. Not only does the games provide a platform for athletes to show there skills and talents, it also offers hosting cities to benefit through the accumulated investment triggered by staging the Games, both economically and socially. Its become quite clear the importance of securing such an event, with the increases of the number of cities bidding to host the Olympics and the increasing funds invested in Olympic bids increasing every games. As a result, in the course of the past two decades there has been increased interest on the impact of the Olympics on the socio-economic and political life of the
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The event is often billed as a boon to business for its host city, a two-week spurt of tourism and beneficial TV time being viewed by the world, as well as investments in much needed infrastructure. Although the idea looks good on paper, there are few host cities that have actually been able to fully capitalize on the opportunity the Olympic games …show more content…
For a country that already had gigantic debt, the over investment in the games probably wasn’t the best idea. It’s not just a question of how much money was spent on the Olympics, it’s also how it was spent and where it came from. After a period of strictness to tighten up its finances and qualify for Eurozone entry in 2001, the Greek government loosened its budget once again as it entered the euro currency. The games were just one of several areas where public spending was unchecked and funded by unsustainable borrowing.
Although the hosting of the 2004 Olympics in Athens represented a unique opportunity for the expansion and improvement of Greece’s tourism industry, the obvious lack of coordination between commercial providers and public governing bodies inhibited the development of a joint strategic approach to leverage the Games. The opportunity to profit from the increased infrastructure has clearly been lost, with as many as 21 of the 22 Olympic venues are now lying
The event is often billed as a boon to business for its host city, a two-week spurt of tourism and beneficial TV time being viewed by the world, as well as investments in much needed infrastructure. Although the idea looks good on paper, there are few host cities that have actually been able to fully capitalize on the opportunity the Olympic games …show more content…
For a country that already had gigantic debt, the over investment in the games probably wasn’t the best idea. It’s not just a question of how much money was spent on the Olympics, it’s also how it was spent and where it came from. After a period of strictness to tighten up its finances and qualify for Eurozone entry in 2001, the Greek government loosened its budget once again as it entered the euro currency. The games were just one of several areas where public spending was unchecked and funded by unsustainable borrowing.
Although the hosting of the 2004 Olympics in Athens represented a unique opportunity for the expansion and improvement of Greece’s tourism industry, the obvious lack of coordination between commercial providers and public governing bodies inhibited the development of a joint strategic approach to leverage the Games. The opportunity to profit from the increased infrastructure has clearly been lost, with as many as 21 of the 22 Olympic venues are now lying