Olympic Overdraft

The 2010 Vancouver Winter Olympics, like all other such displays of the modern Roman circuses, is already costing several hundred million dollars more than the original budget estimates. And wouldn't you know, the organizing committee has discovered these cost overruns just as the Liberals are handing out piles of pre-election bribes to everybody under the sun:

Alarmed by skyrocketing construction costs, Olympic chief John Furlong said yesterday that more government cash may be needed to build facilities for the 2010 Winter Games.

"Our concern today is to make sure that we have what we need to complete the project to the standards that we promised," Mr. Furlong told reporters, after delivering a lengthy status report on the Games to the Vancouver Board of Trade.

....

He disclosed that VANOC has already raised the issue of money with the provincial and federal governments, which agreed in 2002 to provide $310-million each to cover Olympic construction costs.

Until now, both governments have insisted that those sums were fixed. But VANOC is now asking government to adjust its total $620-million commitment to reflect inflation and other factors so that it will retain its value in 2007 dollars.

Hint, hint. Vancouver seats at risk. Canada's public image as the prosperous peaceable kingdom in danger. Any ideas?

Source: Globe and Mail