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Athens 2004 Committee Defrauded the Public

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Olympic Committee CorruptionThe Athens 2004 Olympic Committee desecrated the Olympic event through their wasteful spending that along with other political scandals bankrupted the country of Greece.

It’s been nine years since the Olympic Games in Athens Greece made its debut but since then the true cost has risen from 12 to 20 to 30 billion Euros.

The latest information is contempt for the taxpayers of Greece proving that there was absolutely no control regarding the spending to prove that Greece was the birthplace of the Olympics.

A preliminary investigation by Pasok and New Democracy revealed was that they could not account for 500 million Euros that were allocated by the government.

As with all things Greek, now they realized it even though the Olympics had a modern accounting system in place that should have captured all the transactions that occurred.

This lead to the latest news of the investigation conducted by ministers Giannis Stournaras and Antonis Georgiadis.

The total funding by the Greek government at the time was 459,396,016 for the creation of the Athens 2004 Committee and to cover its needs. Instead here is a partial list of what really happened.

Unauthorized Public Funding

236,992,475 for the design of the Olympic Event

45,500,000 for the design of the Para Olympic Event 52,824,652 for safety advisor consultation fees

14,673,532 for an unissued Olympic commemorative coin

8,378,357 to upgrade the Olympic Stadium

1,027,000 for promotion of the Olympics within Greece!

100 million for the Greek government participation

33,612,261for the cost of maintenance and storage after the games, for stadiums that are now ruinations.

“…the Organizing Committee has ensured management of a cash surplus of € 130.6 million.”

Other committee management waste noted:

Credit cards that were charged up to 51,000 Rent of 4,000 for a committee manager that lived in the Athens area while receiving a salary of 31,000 per month and a total of 117,388 for accommodations and living expenses

A Greek who was hired was paid 4,000 in monthly expenses as someone who lived abroad and received a monthly salary of 4,000 as a torch bearer coordinator.

I suppose that if the Greek government decides to give the people in Greece a “bank haircut” like that which happened in Cyprus that they will consider themselves within their rights to do so.

References:

G. Stournaras for "Athens 2004"

Orgy of wastage by the Organizing Committee of the Olympic Games

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