Join Now | 
HomeAboutContact UsPrivacy & SecurityAdvertise
Soccer America DailySpecial EditionAround The NetSoccer Business InsiderCollege Soccer ReporterYouth Soccer ReporterSoccer on TVSoccer America Classifieds
Paul Gardner: SoccerTalkSoccer America ConfidentialYouth Soccer InsiderWorld Cup Watch
RSS FeedsArchivesManage SubscriptionsSubscribe
Order Current IssueSubscribeManage My SubscriptionRenew My SubscriptionGift Subscription
My AccountJoin Now
Tournament CalendarCamps & AcademiesSoccer GlossaryClassifieds
Hosting could prove costly for Ukraine
Reuters, May 30th, 2012 2:03AM

MOST READ

MOST COMMENTED

Ukraine may never recover all of the billions of dollars it has spent to co-host the European Championship and the outlay might complicate its chances of servicing its debt, reports Natalia Zinets.

The mathematics of financing Euro 2012, being co-hosted with Poland, are crucial for a country that faces $11.9 billion in debt obligations this year. Staging Euro 2012 -- absorbing a total of $13.4 billion including $6.6 billion from state coffers -- is unlikely to make the former Soviet republic any more inviting for foreign investment, analysts say.

"In effect, the (state) budget took on the additional debt burden and taxpayers for many years to come will be paying for the Euro soccer holiday," said Erik Nayman at brokerage Capital Times.

Analysts at analytical group Da Vinci AG forecast financial losses suffered from hosting the championship could total between $6 billion and $8 billion. "Ukraine will not receive any financial income or significant economic impact from co-hosting the Euro 2012 championship," Da Vinci AG's Andriy Kolpakov said.

Read the original story...


1 comment
  1. Carlos Thys
    commented on: May 30, 2012 at 2:29 p.m.
    This once more shows why one cannot turn an "in the shadows" country for a sport suddenly into the limelight. FIFA and UEFA are both guilty completely of passing the financial burden right into the laps of every day citizens in Poland and the Ukraine. Soccer America, I know that you are just pulling this story off the "wires" and re-posting it here. But please never refer to state budgets or state money. What exactly is that? Only Erik Nayman of Capital Times got it right in this article -- the burden is on the citizen taxpayers as we have seen in Portugal 2004, Austria in 2008, South Africa 2010. It is the working citizens who pay for these through taxation and over-taxation for years. This practice of "let them eat cake" from UEFA and FIFA probably dates back to at least Mexico 1986. You are in California. If ever there was a place that ought to understand how lunatic governmental plans (Sacramento) saddle the taxpaying citizens for decades to come, it is you. In essence, it is why FIFA should have chosen England over Russia (for many reasons, not just the taxpayers) to host in 2018. Question: When will Soccer America send an intrepid reporter to South Africa to check out four years later how or in what ways hosting the 2010 fiasco 'concretely' benefited South Africans?


Sign in to leave a comment. Don't have an account? Join Now




AUTHORS

ARCHIVES
FOLLOW SOCCERAMERICA

Recent Section 2 Around the Net
Steven Gerrard: 'Every Person Slips'    
Steven Gerrard says the slip that arguably ended Liverpool's title hopes and England being knocked out ...
La Liga Champ Eying Chicharito    
Mexican striker Javier Hernandez, who started just six Premier League games for Manchester United last season ...
No Charges for Moyes Over Bar Incident    
Former Manchester United coach David Moyes is in the clear after he was investigated over an ...
West Ham Acquires Ecuador World Cup Striker    
West Ham has finalized a $20 million transfer of Ecuador striker Enner Valencia from Mexican club ...
Bayern Boss Not Allowed To Board Plane to USA    
Bayern Munich executive board chairman Karl-Heinz Rummenigge, along with six youth players and three crew members ...
Thai Refs Must Swear Oath to Buddha     
Thailand's soccer federation bosses have made more than 100 referees swear an oath of honesty at ...
Scolari Gets a Job    
Luiz Felipe Scolari, who resigned as Brazil coach after its disastrous 2014 World Cup campaign, has ...
World Cup Runner-up Coach Steps Down    
Alejandro Sabella, who guided Argentina to the World Cup final in Brazil, has decided to quit ...
Ronaldinho on the Move    
Former World Player of the Year Ronaldinho has left Atletico Mineiro. The 34-year-old former Barcelona, AC ...
Beer Approved in the Big House    
Normally, alcohol sale and consumption is strictly forbidden inside the University of Michigan's stadium, but beer ...
>> Section 2 Around the Net Archives