Olympics is seen as a honor to host, but a economic plunder to that nation. For the 2010 winter Olympics, Vancouver has already went 250 million over budget.
I think the primary reason that the olympics cause so much debt in the nation holding them is because countries hosting the olympics want to show off their countries plaaning, organizing, and decorating skills to the rest of the world. The honor of hosting the olympics in your home country makes the country think that they need to make it incredible- a practice that is now threatening to bankrupt Greece. The bankrupting of Greece would not be so alarming, except for the fact that in our increasingly interconnected global economy, a collapse in the financial system of one country affects virtually all of them.
I don't think it's really the Olympics that cause all this debt. It's the countries need to overindulge in themselves. I think they get overexcited with the privileged of hosting the Olympics, and outdo themselves.
They should prioritize their spending when come Olympic time, and only spend what money is necessary.
I was shocked to see the amount that it costs to hold the olympics. Of course it is a huge honor to hold the olympics, but I question if it is really necessary to spend that amount of money. I am sure that ther are a number of things that could be done in order to scale back, and make it more affordable for the place where the olympics are being held.
The Olympic games have been around for so long and everyone is always expecting them each year... Everyone is excited to watch/attend the games.. But in today's economy/world, we really need to cut down on the budget... It is sad to say but we can't afford to spend that much and go over budget.. Something needs to be cut down.. Are all those things really that necessary to have? Really?
i think it is crazy that countries over-spend so much! $250 million is an incredible amount of money. I do think the olympics should continue because it is such a huge tradition. However, i do not agree that countries put themselves into so much debt. What if countries all contributed every year to help pay for the costs? or after a certain amount, only be paid for by private lenders and citizens?
I’m not really surprised to see the Olympics cause debt especially in Vancouver because they had to bring in so much snow just so they could hold them there that much have cost a fortune. But I am surprised that even though all the people who came to the Olympics that the debt was so high, I would have expected it to go down a little because so many people were spending their money there on various things.
I think the primary reason that the olympics cause so much debt in the nation holding them is because countries hosting the olympics want to show off their countries plaaning, organizing, and decorating skills to the rest of the world. The honor of hosting the olympics in your home country makes the country think that they need to make it incredible- a practice that is now threatening to bankrupt Greece.
ReplyDeleteThe bankrupting of Greece would not be so alarming, except for the fact that in our increasingly interconnected global economy, a collapse in the financial system of one country affects virtually all of them.
Hosting the Olympics is an honor, so its no surprise countries go all out. Maybe in the future countries will now cut down on "Olympic Spending"
ReplyDeleteI don't think it's really the Olympics that cause all this debt. It's the countries need to overindulge in themselves. I think they get overexcited with the privileged of hosting the Olympics, and outdo themselves.
ReplyDeleteThey should prioritize their spending when come Olympic time, and only spend what money is necessary.
I was shocked to see the amount that it costs to hold the olympics. Of course it is a huge honor to hold the olympics, but I question if it is really necessary to spend that amount of money. I am sure that ther are a number of things that could be done in order to scale back, and make it more affordable for the place where the olympics are being held.
ReplyDeleteThe Olympic games have been around for so long and everyone is always expecting them each year... Everyone is excited to watch/attend the games.. But in today's economy/world, we really need to cut down on the budget... It is sad to say but we can't afford to spend that much and go over budget.. Something needs to be cut down.. Are all those things really that necessary to have? Really?
ReplyDeletei think it is crazy that countries over-spend so much! $250 million is an incredible amount of money. I do think the olympics should continue because it is such a huge tradition. However, i do not agree that countries put themselves into so much debt. What if countries all contributed every year to help pay for the costs? or after a certain amount, only be paid for by private lenders and citizens?
ReplyDeleteI’m not really surprised to see the Olympics cause debt especially in Vancouver because they had to bring in so much snow just so they could hold them there that much have cost a fortune. But I am surprised that even though all the people who came to the Olympics that the debt was so high, I would have expected it to go down a little because so many people were spending their money there on various things.
ReplyDelete