The organisers of the London 2012 Olympics had been banking on rising property prices to encourage the private sector to bankroll the ever increasing budget for the games (currently estimated at around £12BN, but more likely to hit £20BN by 2012).
However, as a result of the ongoing credit crunch, property prices are falling.
Paul Deighton, CEO of the London Organising Committee for the Olympic Games, is of the belief (according to the Chicago Tribune) that the crunch is a temporary setback.
Optimism is all well and good, but anyone who believes that the current turmoil in the world's financial markets is only temporary is one sandwich short of a picnic.
Olympic Medals won during the Beijing 2008 Olympics
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