Another Olympics, Another Budget Balls Up!

Seemingly, and why should we be surprised when there are politicians involved, yet another Olympics budget has fallen apart.



This time the honour for lousy financial planning, falls on the forthcoming Turin Winter Olympics 2006. They are expecting a a $242M shortfall, small potatoes compared with the $8BN overspend by the Greeks!



However, to add spice to this little pot boiler, I understand that the police are investigating the possibility that construction contracts were fixed.



Corruption, in the Olympics; surely not?



As usual, when an Olympic's event looks like it will disintegrate into chaos, a politician raises his head; and tells the world that everything will be alright. The politician in question this time is Valentino Castellani, a former Turin mayor who is leading the "organising" committee TOROC.



He said that the games would be ready for the opening ceremony on Feb. 10, 2006. Needless to say, the good people of Italy will be the ones saddled with the bill for the shortfall.



Castellani played the "blame game", noting that state-owned companies, including public broadcaster RAI, have not played their part in sponsoring and promoting the games. National airline Alitalia, which is mired in major financial difficulties, has also not sponsored the games.



So there you go ladies and gentlemen, it's everyone else's fault; but most certainly not the fault of TOROC.



In typical myopic form, Castellani said:



"I don't see any scandal, any particular insoluble solution. I can't believe for a country like Italy that (US$260 million) will be a problem."



How very kind of him!