London Olympics likely to cost almost twice the estimated

Source: Bloomberg
The summer Olympics 2012 which will take place in London are likely to be cost almost two times more than initially was estimated, Said Business School reported on Monday. The expenses may outperform the over-budget games in Atlanta in 1996 where costs turned out to be 147% of expected amount. UK government has increased its first budget already to GBP 9.3 billion while the security budged has been raised to GBP 553 million. 
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Mon, 25 Jun 2012 13:06:35 GMT

Spain formally asked for a bailout

Spain formally applied for a bailout package from the Eurozone members to stabilize its banking system. The Eurozone agreed to lend about 100 billion Euros to Spain; however, no specific data were provided. Independent audits showed that banks need 62 billion Euros for recapitalization. Spain announced that the results of audit should be only a starting point and 100 billion

Mon, 25 Jun 2012 09:41:28 GMT

Aussie and Kiwi weaken ahead of European debt auction

The New Zealand and Australian Dollars depreciated ahead of Italian and Spanish bond auctions due tomorrow on worries European debt crisis continues to deepen, weighing on demand for higher yielding assets. Aussie gave up 0.3% versus greenback to USD 1.0035 and Kiwi lost 0.4% to USD 0.7878. Currently AUD/USD is trading at 1.0025 and NZD/USD is trading at 0.7875. 

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