Simone Wapler – La Chronique Agora (France) –
Paris should be Olympic city in 2024 or 2028. Do we need this extra ball to rush us into bankruptcy?
Our public finances are dilapidated, our last “insincere” budget and the government run after € 10bn.
The estimated budget for the Games amounts to € 6.6 billion. Expected revenues are € 1.1 billion for ticketing, € 1.1 billion for sponsors and a € 1.3 billion grant from the Organizing Committee for the Olympic Games.
The account is not there. Not really a profitable business, as you can see, dear reader.
In reality, the Olympics are rather a calamity for the host country.
The Athens Olympics in 2004 had precipitated the bankruptcy of Greece. The estimated budget had been sprayed: € 4.6 billion planned, € 11.2 billion officially recognized and independent audits conducted subsequently estimated it at € 20 billion.
“After the budget deficit reached a tolerable 3.7% of GDP in 2002, this rate rose to 7.5% in the year of the Games. In one year, government debt rose from € 182 billion to € 201 billion. The road that would lead Greece to the disaster of indebtedness was already laid out.“Gerd Höhler, weeklyZeit, July 2012
“The president of the International Olympic Committee (IOC), Jacques Rogge, for example, declared in 2011 to the Greek dailyKathimeriniIn Greece, 2 to 3 per cent of the country’s external debt has increased due to the cost of the Games. ‘Infrastructure built in Greece on the occasion of the Olympic Games is now fallow due to the inability to maintain them . “The Obs, 14 April 2015
The Rio Olympics revealed the corruption that was undermining the country.
“The first proponents of such an event in their city have an interest in underestimating the true costs as long as public support is not acquired.In 2010, the International Monetary Fund wrote that:
Between the presentation of the application for the organization of an event and its actual organization, the costs of construction and the value of land can increase considerably“.
But this does not dissuade the Parasitocracy from agitating and congratulating itself on the vote of the Committee, which will decide in July between Paris and Los Angeles for the first deadline of 2024.
“We live in a historic moment … We want the Games because they are a message of optimism for our society, especially for our youth”.Anne Hidalgo, Mayor of Paris,Le FigaroOf 12 July
Taxpayers are not fooled. And not only those of Rome, Boston, Hamburg or Budapest who withdrew their bid against the hostility of the public.
“According to a study by Odoxa Le Parisien-Aujourd’hui in France, the people of Paris seemed to prefer the idea of a universal exhibition in 2025 and paid by private sponsors to that of the Olympic Games 2024 paid by public money. “Serge Federbusch,counterpoint
However, we still have a hope that we will not find ourselves loaded with this extra bullet. The Olympic Committee would favor the application of Los Angeles because the funding is based on private funds. The risk of slippage is therefore less, the Committee believes. The ruinous Olympics are chilling future applications.
Let us pray, therefore, St. Peter de Coubertin, that good sense may prevail.
The Olympic Games are certainly a great event but they must be financed by the private sector. There is no reason why unrepresented taxpayers should pay them to their defending bodies.
It should be noted that although the International Olympic Committee sits in Lausanne, Switzerland has never hosted the Olympics, with the exception of the Winter Games of 1928 and 1948.On the other hand, the Olympic Museum in Lausanne seems a profitable business.[Editor’s note: How to invest in profitable but unlisted companies and target capital gains of x10 and x20 over three years? Discover here The secrets of the “new millionaires.”]