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Greece Spent 8.5 Billion Euros for Olympic Games, Ministry Says

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Nov. 19 (Bloomberg) -- Greece spent 8.5 billion euros ($10.9 billion), less than previously reported, to host the Olympic Games in 2004, the year its budget deficit jumped, according to a faxed statement by the finance ministry today.

The games, the most expensive ever, cost Greece about 10 billion euros, Greece’s former finance minister George Alogoskoufis had said Oct. 2005.

The country’s budget gap reached 7.5 percent of gross domestic product in 2004, boosted by costs for the event. Greece narrowed its budget deficit from more than 15 percent of GDP in 2009 -- five times the European Union limit -- to 9.4 percent in 2011. The spending gap is due to shrink to below 7 percent of GDP this year and to almost 5 percent in 2013.

To contact the reporters on this story: Eleni Chrepa in Athens at echrepa@bloomberg.net; Antonis Galanopoulos in Athens at agalanopoulo@bloomberg.net

To contact the editor responsible for this story: Jerrold Colten at jcolten@bloomberg.net

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