Olympic Village Gets Government Bailout

This isn't quite as massive as the $700 billion bailout that we heard about in the United States, but it is still the government stepping in to slow the bleeding and keep the train moving. As it turns out, the athletes village for the 2010 Winter Olympic Games isn't quite going according to plan and the builder needs some extra money to keep the project going.

According to current estimates, Millennium Development Corporation could end up spending $60 million more in total costs to construct the athletes village and it simply does not have that kind of money to spare. As a result, the City of Vancouver has agreed to loan the financially troubled company as much as $100 million to bail them out and keep construction going. We need that village.

Critics are upset that "local governments continue to be asked to bail out the provincial government for their failures and also to cover them up," said BC NDP Olympic critic Harry Bains. He is upset that they are "basically going behind closed doors and making decisions on taxpayers dollars…and not even coming clean with the taxpayers."

Source: CBC.ca

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Olympic Village Gets Government Bailout

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