Games 'a good investment'

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Athens - Greek economy minister Yiorgos Alogoskoufis said in remarks published on Sunday that the Olympic Games had been a good investment for his country, despite earlier misgivings about spiralling costs.

"The Games were worth it. They were worth the cost we paid. Despite the difficulties we had envisaged, it was an excellent investment for Greece," he told the To Vima newspaper.

Alogoskoufis said the Games had benefited the country's image and given a boost to national confidence, as well as bringing new sports installations, and urged the country to seize the "opportunity to promote exports and tourism".

He acknowledged however that the costs had been "considerable indeed" and "had been underestimated by 40%" by the previous Socialist government.

The latest price tag Greek officials have attached to the Games reaches seven billion euros ($8.7bn), up from an initial budget of 4.6 billion euros, but the final tally will not be known until after the Games which close on Sunday.

The effort has pushed Greek finances to their limits, increasing the country's already burgeoning public debt and nudging its budget deficit well above the limits the European Union has set within the eurozone.

Earlier this year, Alogoskoufis had cast doubt on the entire exercise, saying that rising costs had dampened enthusiasm about the Olympics, and that Greece risked being a net loser following the Games.