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Vancouver Olympics Organizers Cut Cost over Economic Crisis
    2008-12-07 08:10:17     Xinhua

Vancouver's Olympic organizing committee is freezing new hires, cutting back on trips and padding its contingency fund to fend off the effects of the global economic slowdown.

The chief executive officer for the 2010 Games said on Saturday that there has been no indication that any particular stream of revenue for the Games is in danger, but the organizers are tightening their belts anyway, according to a Canadian Press report.

John Furlong's remarks have come as one of the major Olympic sponsors, General Motors, has asked the government for a loan of 2.4 billion U.S. dollars.

Furlong says GM has delivered on all its promises so far, as have all the other sponsors, adding that he does not believe anyone will break any promises.

He said contingency planning so far doesn't include looking for other suppliers in case any existing one falls through.

He said instead officials will build a financial safety net that will give organizers the room to make up any shortfalls.

The budget for the Games is 1.6 billion Canadian dollars (1.2 billion U.S. dollars). 

 
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