After many years of debate, the Greek government seems to have warmed to the idea of a Formula 1 capable track in their country. According to former Patras mayor and project manager Evangelos Floratos via Ta Nea daily.
“It has taken many years to reach this point,”
The project is estimated to cost 94 million euros ($135 million) and is to be partly subsidised by the Greek state. The completion date is estimated at three years.
“The track will help support development, Western Greece stands to gain a great deal,” regional governor Apostolos Katsifaras told the daily.
This seems like good news but I am a tad perplexed on just how this will be funded with strikes against austerity programs and the general financial condition of Greece. I may be missing something but this report from the Wall Street Journal doesn’t sound very glowing:
“There comes a point where too big to fail, becomes too big to bail,” says an EU diplomat, adding this may be Greece’s last chance to come to prove that it belongs to the euro zone. He argues that the Greek crisis has fuelled the increasing prominence of nationalist parties in Europe like the True Finns who have run campaigns that enough is enough as far as help from the European north to the troubled south is concerned.
And this story here.
Greece’s recent notion of renegotiating the terms of its bailout in 2010 has the Euro tumbling and it gives one reason to pause when discussing such expensive notions as a circuit but I humbly submit that I may be looking at two different areas of Greece and identifying distinctly different budgets, financial viabilities and needs. As an American, I have little to offer in the right or wrong of Greece’s desire for an F1 circuit but from this side of the pond, it seems very expensive for a country facing strikes over austerity programs and asking Germany and France to help buy their toxic bonds and debt.