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Economy impacts 2012 Olympics

October 9, 2008 9:15:20 AM PDT
The global financial crisis is impacting plans for the 2012 Olympics in London.Organizers say they are nearly $440 million short in funding for the athletes village. Private developers are shying away from the project, citing the on-going credit crunch.

Olympic planners are compensating by reducing the number apartments that will be left behind after the games are gone. An enormous media center is being shrunk by 80-percent to save money ? and some buildings will be temporary instead of permanent structures.

Housing prices in England are down just as they are in the states.

Those in charge of Chicago's bid for the 2016 Olympics said world money problems will not impact their plans.


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