The Costliest Olympic Games - London

The Costliest Olympic Games - London

Here's a look at some financial successes and failures of past Olympic Games and how they compare to the London 2012 Olympic Games. (Images: Getty)

The 2012 Olympics will soon hit London, but how much are the Olympics actually going to cost?

The last time London hosted the Olympics was in 1948. At the time, the UK was struggling in the aftermath of World War II, and money was so tight that participants brought their own towels. Food was shipped in from abroad, and the athletes slept in army barracks and college dormitories.

Now, 64 years later and preparing to host the Olympics again, the U.K. is firmly in the grip of an economic recession. It does not seem that similar austerity measures have been implemented this time around. What will the Olympics cost the U.K. this summer? Is the U.K. getting a good deal compared to previous Olympic Games?

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If the London Olympics cost this much, they still won't be the most expensive in Olympic history. The most expensive Olympics in history were the 2008 Olympics in Beijing. Costing a staggering US$40 billion, the Games could have been a financial nightmare for China. Amazingly, China was not left with debt after the event. Most of this US$40 billion was invested in permanent infrastructure that has been used since.

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