Economy Forcing London Olympics to Go Cheap

The global financial crisis is threatening to tone down spending for the 2012 Olympic Games in London.  Existing venues may be used for some events in lieu of constructing new ones.  The event, which was already slated to be smaller in cost and physical size than the 2008 Beijing Games, is having trouble securing loans for the Olympic Village and is also scaling back its broadcast center.

Ghettolympics

(London’s 2012 Ghettolympic Games)

BLOOMBERG PRESS reports:

(London) Mayor Boris Johnson told a parliamentary committee yesterday that the Olympic Park will be “cozier” than that used for this year’s Beijing games. The Chinese government spent four times the amount the 2012 organizers are planning to spend on the games.

Some further ideas for a budget Olympics (after the jump): Read more…