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IOC Confident Of London 2012 But Can’t Help Financially

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The International Olympic Committee (IOC) said it had confidence in the success of the London 2012 Summer Olympic Games despite the economic downturn, but stressed it has no resources to help London 2012 combat the recession or keep its budget on track.

Hein Verbruggen, chairman of the IOC Coordination Commission, believed that London would do no worse than Beijing, although it cannot match Beijing on human resources, reports the People's Daily. He said, "can London do the same thing as in Beijing? My answer is yes. Of course we were impressed in Beijing, but we will not forget its difference from other cities. There are unlimited resources, human resource available, a great number of volunteers which you can't expect in many cities. But when it comes to organizing the Games you shouldn't forget four years ago, we also had a very good organization in Athens".

Meanwhile the IOC stressed it has no resources to help London. IOC officials suggest the government should help bail out the London 2012 Games, which contractjournal.com reports are "riddled with uncertainty as finance agreements with developers wobble".

Plans for the 900 million pound athletes village and 400 million pound media centre are still in doubt as their developers reportedly struggle to raise finances for the project.

IOC executive director Gilbert Felli told London organizers it was up to them to address the impact of the global financial crisis, reports the Financial Times. "Long-term investment was committed by the time of the bid. Governments have to invest when it is difficult", he said.

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