Greece to spend an estimated €94.6m on race track.

doofer said:
This Thread disappoint. I so wanted to read about the Greek Prime Minister doing a '**** it... Put the whole budget on a horse in the 3.30 and hope for the best..' type thing. :o
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They've probably got more of a chance winning a bet then they have of getting a return on this unproven venture.
 
an f1 track making money in a country like greece? with ol bernie new tracks are for countries with cash to splash
 
King Damager said:
I'm not saying they're doing the right thing. But there's solid economic theory behind the options.

kd
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You can always argue the validity of anything and I'm not disagreeing with Keynesian principles. You opened with 'Makes sense to be honest', which it does not, this is a real world example of it not being the right choice for Greece.
 
Doctor McNinja said:
*Checks date to make sure it's not April 1st.


I hope by the end of this post I'll have a point to make other than "WTF Greece?"...

http://www.telegraph.co.uk/finance/...o-spend-almost-100m-on-building-F1-track.html

How can anyone think this is a worthwhile use of funds? Greece, a nation with massive financial problems, a nation that's heading for another bailout in it's sixth year of a deep recession and a nation that has a practically non-existent motorsport culture pouring millions of what is probably someone else's money into a race track that'll probably never get used in F1... unless the pitlane is built into the Acropolis. There are large scale sporting events that turn a profit but in all the years I've been an F1 fan, I've never heard of a new track turning a profit and even a lot of the established tracks don't make money from F1 races (from what I've heard).

Oh, and "an estimated €94.6m"... what are the chances of it coming in under budget? I cannot imagine a way that a track could be built for that kind of money and come up to the standards demanded by that money grubbing midget, Ecclestone.

/rant
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I look at it the other way. They're in so much debt, a truly staggering amount of debt, the sort of debt that if you saw written on an invoice, you would just scream your head off. With that in mind, what does another 100mil matter? It's pocket change. Worst case scenario, they increase their debt by a tiny fraction of a percent. Best case scenario, the investment pays off and it helps their economy a bit.
 
what a splendid idea, they did so well out of all the infrastructure they built for the Olympics after all..... :D

Maybe, while they're at it, they could throw another journalist in jail for revealing lists of powerful tax evaders in their country. I mean having more Porsche Cayennes than higher rate tax payers seems reasonable as does employing a whole army of civil servants to administer very generous benefits to large portions of the rest of the population... not to mention having a nice low retirement age.... who'd have thought that would all go wrong.
 
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yes that would be her non taxpaying, offshore company purchasing daughter.
The minxy trixter paid no stamp duty on massive UK purchases.
If a F1 car hit her at top speed, i wouldn't weep.
I would hope for some inheritence windfall for the treasury though.
 
Would the circuit just be used for F1, or could racing teams, driving schools, etc, hire the track out throughout the year?

Is it just an F1 track they're building, or are they investing money into more sporting venues, all designed at bringing in more tourists and money, and getting people spending again?
 
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