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Barely six months after Paris was picked to host the 2024 Olympics and more than six years before those Games are scheduled to open, French budgetary watchdogs are warning of cost overruns.

To prevent what one French economist, Wladimir Andreff, called “the curse of the victorious bid” French authorities are already scrutinising plans to ensure that Paris holds as closely as possible to its €6.8 billion  budget and, in particular, does not exceed the €1.5 billion the government has promised to contribute.

The Olympic price tag has long had a habit of growing. A study of host cities by the Said Business School at the University of Oxford said the Games have “the highest average cost overrun of any type of mega-project.”

On Wednesday, Parisian media published details of an “alert to ministers” dated February 12 which AFP has also read. It is not reassuring.

The provisional report prepared by the French inspectors general of finance (IGF), sport (IGJS) and environment (Cgedd) talks of “real risks of non-completion in time of some facilities of significant additional costs”. Read More …

 

 

Barely six months after Paris was picked to host the 2024 Olympics and more than six years before those Games are scheduled to open, French budgetary watchdogs are warning of cost overruns. To prevent what one French economist, Wladimir Andreff, called “the curse of the victorious bid” French authorities are already scrutinising plans to ensure that Paris holds as closely as possible to its €6.8 billion  budget and, in particular, does not exceed the €1.5 billion the government has promised to contribute. The Olympic price tag has long had a habit of growing. A study of host cities by the Said Business School at the University of Oxford said the Games have “the highest average cost overrun of any type of mega-project.” On Wednesday, Parisian media published details of an “alert to ministers” dated February 12 which AFP has also read. It is not reassuring.