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September 4, 2015 – Karygiannis – Should Toronto entertain an Olympic Bid?

Karygiannis – Should Toronto entertain an Olympic Bid?

Olympics come with a high price tag.  The last time Canada held the summer Olympics was 39 years ago in Montreal and it left the city with a debt of nearly US$1.48 billion.

“I know first hand the effects Olympics can have on a city and a country.  Greece hosted the Olympics in 2004” stated Mr. Karygiannis.

Hosting the event cost almost €9 billion ($11 billion at today’s exchange rate), making the 2004 Games the most expensive ever at that point.  Greek taxpayers were on the hook for €7 billion, which did not include the cost of extra projects such as a new airport and metro system.

“I hear many say that we will do it differently and we will engage the 3P Principle – public-private partnership.  I also hear concerns about whether there has been adequate public consultation and whether an Olympic bid is the best use of money at this time” continued Mr. Karygiannis

Citizens of Toronto can have their say at: http://karygiannis.net/wp/should-toronto-entertain-an-olympic-bid/