Staging the Athens 2004 Olympics will cost Greece more than €7 billion or about 1.6% of the country's gross domestic product (GDP), Greece's deputy Finance Minister said today.
'The cost of the Olympics will exceed €7 billion,' Deputy Finance Minister Petros Doukas said.
The minister had previously estimated the cost of the Olympic Games at slightly over €6 billion.
He reiterated that this year's budget deficit will exceed 4% of GDP, above the European Union's 3% limit. 'Our main target is to reduce the deficit to below 3% in 2005. It is a very tough task,' he said.
