|
In Greece, the country needed an international bailout to save it from bankruptcy and was forced into Draconian austerity measures. Youth unemployment rate stands at 52.1 percent at last count in March. This spring, the Greek athletics federation suspended operations for lack of money. "There is big pressure on people who are starting to destroy their lives. They don't have a job and they don't know what to do," Iakovakis said. "You are just watching this." The last time such a financial shock ripped through Europe's sporting world was when the Soviet empire fell more than two decades ago, leaving many east and central European nations gasping for survival. IOC President Jacques Rogge was head of the European national Olympic committees at the time and remembers well how national pride saved the day for sports. His biggest fear now is how the grass-roots will be affected by a crisis which has yet to show an end in sight. He said the IOC and major federations were well protected by multiyear contracts bringing in heaps of sponsorship. "But at the base, the small clubs, it will be difficult because there is less aid from the national federations, less sponsorship and fewer ticket sales," Rogge said. Yet he is confident Europe's troubled nations will survive the sporting crisis. On July 1, Spain and Italy played in the European Championship football final, while much wealthier countries like Germany, the Netherlands and Britain were eliminated. "In European and world championships," Rogge said, "you see that southern countries are still very strong, despite the crisis." Italian Olympic committee President Giovanni Petrucci is hoping to prove that in London, no matter the financial conditions back home. "I don't want to hear excuses," Petrucci said. "If we lose, it's not because of the money."
[Associated
Press;
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
News | Sports | Business | Rural Review | Teaching & Learning | Home and Family | Tourism | Obituaries
Community |
Perspectives
|
Law & Courts |
Leisure Time
|
Spiritual Life |
Health & Fitness |
Teen Scene
Calendar
|
Letters to the Editor