Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
ATHENS, Greece (AP) — The 2004 Athens Olympics cost Greece a total of 6.5 billion euros ($7.5 billion) and didn't significantly affect the debt-heavy country's finances, a Greek economic think tank has found.
A study on the economic impact of the games by the Foundation for Economic and Industrial Research says the Athens Olympics had a positive effect on domestic economic activity and employment. But it noted that Greece failed to fully exploit that boost.
The study published on Thursday was commissioned and financed by former organizing committee chief Gianna Angelopoulos.
It estimated that some 2.9 billion euros ($3.3 billion) returned to the state coffers in the form of taxes and social security contributions.
Half of the total outlay, which excludes Olympics-linked projects such as a new Athens airport and subway, was spent on sports venues.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.