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| Opportunities & Exposures |
Run for the Money
John S. Irons
08/02/2004
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In a few weeks, the world’s attention will turn to Athens, Greece, birthplace
of the Olympics, for the opening of the 28th Summer Games. Some investors have
already found ways to benefit from the Olympian volume of capital flowing
through this country of some 10 million people. The economic stimulus provided
by new construction spending and increased tourism revenue, both during the
Olympics and afterward, presents a number of opportunities, both for individual
investors and for the economy at large.
 Construction of the infrastructure
and facilities alone may end up costing more than $5.5 billion. This could
significantly boost the performance of Greece’s $200 billion economy. Indeed the
country’s recent economic performance has been impressive. Over the past two
years, Greece has enjoyed the second-highest average growth rate of the 30
members of the Organization for Economic Cooperation and Development. Its gross
domestic product has grown by approximately 4 percent per year, and, between
2001 and 2003, its unemployment fell from 10.4 percent to 9.2 percent.
This
is certainly good news, but is this Olympic deus ex machina sustainable?
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