91download.com supports a wide range of platforms, including YouTube, Facebook, Twitter, TikTok, Instagram, Dailymotion, Reddit, Bilibili, Douyin, Xiaohongshu and Zhihu, etc. Click the download button below to parse and download the current video
Are the Paris Olympics a beacon of fiscal responsibility or a harbinger of financial woes? As the opening ceremony of the fifth version of the modern games unfolds this Friday, the backdrop is not just one of excitement but also of scrutiny. The European Union is investigating the national government's finances, casting a shadow over the event. But how does this impact the overall cost of the games, and what does it mean for the host city?
While the Paris games are proving more expensive than initially planned, the total expenditure is still relatively moderate compared to past overruns. Researchers from the University of Oxford's Saïd Business School estimate that the new infrastructure and operating costs will reach approximately $9 billion in 2022 US dollars, accounting for overruns of just over 100% of the national budget.
But is this a cause for concern? Consider this: Brazil spent around $24 billion on the Rio games in 2016, with an astronomical cost overrun of 352%. The poster child for budget blowouts, however, is Montreal in 1976, where overruns soared to 72%. Paris has managed to avoid such a fate by leveraging existing infrastructure. According to an S&P Global ratings report, a significant percentage of Olympic venues, such as the Park of Prince and the home stadium of Paris Saint-Germain, were already in place and required minimal refurbishment.
Is Paris a budget star, then? Not exactly. With Beijing's 2% cost overrun in 2008 and London's 76% in 2012, Paris finds itself more in the middle of the pack. But given France's current economic situation—a budget deficit topping 5% and public debt at 112% of GDP—it's a good time for the country to avoid a budget-busting Olympics. The excessive deficit procedure imposed by Brussels adds another layer of financial pressure.
French President Emmanuel Macron has expressed hopes that the Olympics will serve as a unifying force, allowing his compatriots to forget the political crisis they're currently experiencing. By sidesteuning excessive spending, the Paris games offer a rare opportunity for a moment of unity and distraction from the political turmoil.
So, is the fiscal cloud hanging over the Paris Olympics a storm warning or just a passing shadow? Time will tell. But for now, the games stand as a testament to the delicate balance between grand ambition and fiscal prudence. As the opening ceremony begins, let's hope that the spirit of the games overshadows any financial concerns, allowing athletes and spectators alike to focus on the momentous occasion.
[Music]
Share on Twitter Share on Facebook