As predicted, the credit crunch has negatively impacted plans for the 2012 London Olympics.
The contingency fund has been tapped to provide £95M to bail out part of the project.
The Olympic Village project was originally intended to be a public-private partnership. However, the contractors (Lend Lease) have a funding shortfall of £250M. It is likely that further taxpayers' money will be needed to bailout the games.
Olympic Medals won during the Beijing 2008 Olympics
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