Did 2004 Olympics spark Greek financial crisis?

As we all know , the latest 'hot topic' in town is about whether greece would go bankrupt .

And yes , the current economic situation is disastrous .

Protests in Athens have turned violent amid a general strike over austerity measures to be adopted to save the country from the economic collapse. As reported by the BBC, protesters are angered by spending cuts and tax rises planned in return for a 110 billion euro (£95 billion) bail-out that the Greek Parliament is to vote on by the end of the first week of May 2010.

The drastic measures include wage freezes, pension cuts and tax rises, with the aim to achieve fresh budget cuts of 30 billion euros over three years. The BBC said the Greek government hopes to cut the public deficit to less than 3 per cent of GDP by 2014, whereas, at the moment, it stands at 13.6 per cent. While the international community watches an angry Athens that feels betrayed by its Prime Minister Papandreou, Germany has offered to pay the largest proportion of the loans, but has also dictated strict conditions.

An amidst all these latest happenings , a new controversy has popped out. Did 2004 Olympics spark Greek financial crisis?

The 2004 Athens Olympics cost nearly $11 billion by current exchange rates, double the initial budget. And that figure that does not include major infrastructure projects rushed to completion at inflated costs. In the months before the games, construction crews worked around the clock, using floodlights to keep the work going at night. In addition, the tab for security alone was more than $1.2 billion.

And so , did Greece reckless spending in 2004 caused all this mess ?

Only time will tell =)))))))))))))))))))))))))))))))))))))))))))))))))))