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On Olympic subsidies

Ron Rapoport looks ahead to an accounting of how much Olympic construction will cost the Greeks. It may or may not be a good investment, but this observation should make one cautious:

The 1976 Montreal Olympics are remembered for three things: Nadia Comaneci's three gold medals, an Olympic Stadium that was a white elephant before the closing ceremonies were over and a huge debt that only recently has been paid off.

Ouch. That's a long time to pay off a white elephant.