Olympic 2012 village seeks £225m bailout from EIB

[AtW]

Boris is lucky London wasn't selected for winter olympics...

[BrilloPad]

Poor Boris is going to get all the flak from this and Ken will go marching into power again in 2012.

I dont believe that Boris is poor.

[d000hg]

Don't they sell the media rights for $billions considering how many countries must want to watch?

[minestrone]

Poor Boris is going to get all the flak from this and Ken will go marching into power again in 2012.

[AtW]

Solution: give to Ryanair dude and he'll find ways to monetise it - rent for village for sportspeople will be £1 per term, but then extras...

[Sysman]

Oh Dear

The European Investment Bank, set up as a development arm of the European Union, has approved a request for a £225m loan toward the scheme - which may yet require another £400m in direct government support unless financial conditions improve.

The government had hoped that the private sector would raise the bulk of the £1bn needed to build the Olympic Village, made up of about 3,000 athletes flats in Stratford. But funding has dried up in the wake of the credit crunch and collapse in property values. About half the flats will be converted into social housing after the games.