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Vancouver's Recession Olympics

Posted by: Nate Berg

15 February 2010 - 11:00am

Vancouver lost its Triple A credit rating after being forced to bail out its Olympic Athletes Village when the hedge fund that had backed it went under -- just one of the unpredicted events that made this a Recession Olympics.

Financial Times looks at the city's preparations, struggles and triumphs amid a rough economy.

"The sporting venues were built on time and on budget. A new subway line links the airport to the city centre. The athletes’ village, with a view over one of Vancouver’s many picturesque waterways, sets high standards in energy-efficient construction.

However, unforeseen events have taken the shine off these accomplishments. An unprecedented economic boom pushed up labour and material costs during the early preparations. Then the recession hit. Most recently, the weather has dampened the Olympic spirit. Vancouver has had its warmest start to a year ever, and rain has kept revellers off the streets for the past few days."

Full Story: Olympics city strives to rise above recession
Source: Financial Times, February 12, 2010
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"It's so out of control," said Duany, referring to the current state of public participation in planning decisions in the United States. "It's an absolute orgy of public process… basically, we can't get anything done."
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