Rogge And Coe Deny London 2012 Economic Crisis

During a visit to the capital by Jacques Rogge, the IOC president voiced his support of London 2012 chairman Lord Coe’s move to calm fears about the crumbling economy’s impact on the 2012 Olympics.

Lord Coe stated that the Games would in fact help rebuild the economy by protecting 3,500 jobs on the Olympic site and creating contracts worth billions of pounds.

The 2012 chairman told a Royal Society of Arts, Manufactures and Commerce meeting that 10% of workers on the Olympic site in Stratford, east London, had been permanently unemployed.

He stated: ‘The work safeguards these jobs in an economic downturn. No-one would have chosen this downturn but the Games could account for 6 to 7% of economic activity in this city over the next five years, not to mention the impact it could have on other parts of the country.

‘That’s why we should be on the front foot – in good times or in bad this is a project that really has an extraordinary impact.’

IOC president Jacques Rogge backed the view saying that he was confident the 2012 Olympics would survive the global economic downturn.

‘The Games have survived difficult times before. They have survived and thrived because of what they mean to people all over the world. The Games remind us that the transient difficulties of life can be overcome through hard work and determination.

‘It will only build facilities that will be valued and used by the local community long after the Games are over. London has made regeneration a priority.

‘Each Games are unique. It is not the amount of money spent that determines how good a Games is, it is also the unique and inspiring atmosphere created within the city. I’m sure London will do very well there.’