Russia may have overspent for the Olympics

Fireworks explode during the Opening Ceremony of the Sochi Winter Olympics at the Fisht Olympic Stadium on February 7, 2014 in Sochi. 

The medals are taken away, the athletes are headed home, and in a spectacular closing ceremony yesterday, the 2014 Sochi Winter Olympics came to a close.

The Russian government is congratulating itself on gaining the international spotlight with a prestigious event that cost more than any previous Winter Olympics: a stunning $51 billion. But residents of Sochi are wondering what will happen to all the hotels and facilities that have been built. And future Olympic host cities are worried they may have to spend equally audacious amounts of money to live up to this year's event.

 

About the author

Stephen Beard is the European bureau chief and provides daily coverage of Europe’s business and economic developments for the entire Marketplace portfolio.

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