The financial sector, which once was the showpiece of the British economy, has completely collapsed the last few weeks and this failure now also seems to be affecting other projects, like London 2012. The price tag of the greatest sport event in the world is estimated at a cool 5,3bn pounds, a cost that should be largely carried by private sponsors. For instance the Olympic village, which will cost about 1bn pounds, was originally planned to be financed by private banks and developers, who are now all facing serious liquidity problems as the credit crunch hits home. That’s why the chairman of the Olympic Delivery Authority admitted that the Olympic village could be completely nationalised, which of course implies that the cost would be passed on to the British taxpayer. Kevin Defauw
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The financial sector, which once was the showpiece of the British economy, has completely collapsed the last few weeks and this failure now also seems to be affecting other projects, like London 2012. The price tag of the greatest sport event in the world is estimated at a cool 5,3bn [5.3bn] pounds, a cost that should be largely carried by private sponsors. For instance the Olympic village, which will cost about 1bn pounds, was originally planned to be financed by private banks and developers, who are now all facing serious liquidity problems as the credit crunch hits home. That’s why the chairman of the Olympic Delivery Authority admitted that the Olympic village could be completely nationalised, which of course implies that the cost would be passed on to the British taxpayer.
Good flow and style. Nice use of expressions.
olaf
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