London Olympic Bidders Have Response for Recession

Cities from around the world have descended on Colorado to bid on being the next host of the Olympic Games, but the bid comes with new challenges.

In 2004, Olympic organizers for London were thrilled to learn the city would host the 2012 Summer Games. But they couldn’t predict that five years later, the cost of the games would triple.

Not long after Beijing hosted the world for two weeks in August, the cost of future Olympic games skyrocketed while the global economy tumbled.

A good part of private funding for London’s Olympic Games has vanished during the credit squeeze. One of the major corporate sponsors for the London games has also declared bankruptcy.