-:Undertaker:-
03-10-2012, 03:03 PM
http://www.telegraph.co.uk/finance/financialcrisis/9580361/Greece-to-spend-almost-100m-on-building-F1-track.html
Greece to spend almost €100m on building F1 track
Greece has 'unblocked' €30m so it can build a motor racing circuit capable of hosting a Formula One Grand Prix.
http://i.telegraph.co.uk/multimedia/archive/02357/f1_2357074b.jpg
It is hoped the circuit will be able to host a Formula One race in the future
Despite data showing Greece is heading for its sixth year of recession, the government is pushing ahead with constructing the track in Xalandritsa, near Patras. The total cost of the project will be €94.6m (£75.6m) and it is hoped the circuit will be able to host a Formula One race in the future. The news comes as a draft Budget for 2013 shows that the Greek finance ministry expects GDP to contract by 3.8pc next year after shrinking 6.5pc this year.
Meanwhile, Premier Antonis Samaras must prove to the troika he can deliver an austerity package of €13.5bn, amid reports at the weekend that Greece will need financial help from Europe for the next eight years. Mr Samaras will target pensions, benefits, and top civil service pay in a bid to unlock the next €31bn payment from the EU.
It would be easy to laugh, but we have the same mindset here both amongst our political class and many on this forum - cast your minds back to the Olympics when those of us who opposed the Games (correctly describing them as a waste of money) were shouted down by people telling us just how great a boost £15bn on two weeks worth of sports was going to give us. The same applies to those who argue in support of the new high speed rail (HS2) which will cost us £32bn (you can at least double that by the time it is finished).
Well, the Greeks are also at it - and they've already done the Olympics thing back in 2004, which is one of the reasons they are where they are today (coupled with high state spending in general and a failed currency).
The insanity continues, coming to a country near you next.
Thoughts?
Greece to spend almost €100m on building F1 track
Greece has 'unblocked' €30m so it can build a motor racing circuit capable of hosting a Formula One Grand Prix.
http://i.telegraph.co.uk/multimedia/archive/02357/f1_2357074b.jpg
It is hoped the circuit will be able to host a Formula One race in the future
Despite data showing Greece is heading for its sixth year of recession, the government is pushing ahead with constructing the track in Xalandritsa, near Patras. The total cost of the project will be €94.6m (£75.6m) and it is hoped the circuit will be able to host a Formula One race in the future. The news comes as a draft Budget for 2013 shows that the Greek finance ministry expects GDP to contract by 3.8pc next year after shrinking 6.5pc this year.
Meanwhile, Premier Antonis Samaras must prove to the troika he can deliver an austerity package of €13.5bn, amid reports at the weekend that Greece will need financial help from Europe for the next eight years. Mr Samaras will target pensions, benefits, and top civil service pay in a bid to unlock the next €31bn payment from the EU.
It would be easy to laugh, but we have the same mindset here both amongst our political class and many on this forum - cast your minds back to the Olympics when those of us who opposed the Games (correctly describing them as a waste of money) were shouted down by people telling us just how great a boost £15bn on two weeks worth of sports was going to give us. The same applies to those who argue in support of the new high speed rail (HS2) which will cost us £32bn (you can at least double that by the time it is finished).
Well, the Greeks are also at it - and they've already done the Olympics thing back in 2004, which is one of the reasons they are where they are today (coupled with high state spending in general and a failed currency).
The insanity continues, coming to a country near you next.
Thoughts?