As they watch the London Olympics, many Greeks may wonder how their
country went from the international glory of the Athens Games in 2004 to
the recriminations of today’s crisis. Hosting the event cost almost
€9 billion ($11 billion at today’s exchange rate), making the 2004 Games
the most expensive ever at that point. Greek taxpayers were on the hook
for €7 billion, which did not include the cost of extra projects such
as a new airport and metro system.
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