Greece Owes $52M For Olympic Security

2004 OlympicsAn arbitrator has ruled that Greece must pay an American company 40 million euros ($52.2 million) for supplying security systems for the 2004 Olympic Games in Athens, rejecting the country’s claim it never officially accepted delivery of the system because of technical deficiencies.

The ICC found that Greece had given the green light in November 2008 and would have to pay the US defense company Science Applications International Corporation (SAIC) for the system, known as C4I.

Greece estimated that returning the games to its homeland would cost 4.5 billion euros ($5.87 billion) but the final bill is believed to be as much as 10 billion euros ($13 billion) although there hasn’t been an accurate final tally. Critics say the cost of running the two-week event,  which has left mostly abandoned stadiums and other infrastructure in its week, wasn’t worth what it brought and that it helped precipitate the current crushing financial crisis.