Rogge says global crisis won't hurt Olympic cities
GENEVA - IOC president Jacques Rogge says the global financial crisis should not hurt preparations for upcoming Olympics.
Americans keeping cars longer"No one has certainties today, but I am not pessimistic for the Olympic Games," Rogge said.
Funding for the 2010 Winter Games in Vancouver, British Columbia, is secure while authorities in London, site of the 2012 Summer Games, have assured the International Olympic Committee they can overcome the worldwide credit crunch.
Rogge said there is "no issue" concerning Vancouver, which had a budget for building venues set last year at $577 million.
"The (London) Olympic construction authority is looking for more funding but the latest report we had is that they would manage in finding the proper funding," he said.
The Olympic Development Authority in London said last week it still expected to find private financing for construction work, although on tougher terms.
London may need to call on reserves from the British government's contingency fund of $1.9 billion to help pay for the athletes' village and a new broadcast and press center.
The ODA had hoped to raise $900 million from the private sector for the $2 billion Olympic village, which has been scaled back to 3,300 apartments for 17,000 athletes and coaches.
Rogge said the money needed to create city infrastructure for the Olympics, including building airports and roads, should be seen as an investment, not an expense.
"These are investments for 40, 50, 60 years to come," Rogge said. "This leaves a big legacy to the city.
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