Greece cuts Olympic funding

Updated: November 8, 2012, 12:06 PM ET
Associated Press

ATHENS, Greece -- Greece's Olympic Committee says deep funding cuts in the 2013 state budget will hamstring sports federations -- less than a decade after hosting the 2004 Games.

Committee officials say federations will be unable to function next year when their share of state funding will shrink to about $19 million from $44.6 million in 2012.

That represents a 75 percent cut from 2009, committee deputy chairman Sakis Vassiliadis said a news conference on Thursday.

"We had been prepared for a gradual adjustment, but now we have to cope in two months," he said. "I don't think any (of the federations) will be able to handle it and this will be the final blow."

Debt-crippled Greece has approved harsh spending cuts to secure vital international bailouts.


Copyright 2012 by The Associated Press