The Olympic games of 2004 were meant to turn Athens into a star of European business and culture, but have instead played a part in turning Greece into a debt-ridden EU protectorate.The Globe and Mail reports this morning that Athenians hoped the 2004 summer games would have been the start of a new era for the economically troubled state, but instead it has brought only more misery for those living on the outskirts of the Greek capital.
Greece’s debt position has nothing in common with Beijing, but the real estate boom surrounding their Olympics has been eerily similar. Whether or not that boom is a bubble is still up for debate, but it surely shows many signs of a speculative real estate rise.
A more fitting comparison to Greece may be the United Kingdom. Already flush with debt, the country is to host the 2012 Summer Olympics and his completely rebuilding a huge swath of the city to do so. Simultaneously, London is experiencing yet another property boom, bringing more gigantic debt funded projects to its skyline.