“Austerity Games”

Hit by the global financial crisis, London’s “Shoestring Olympics,” are under pressure to rein in the price tag, which has soared from the initial, less-than-$5-billion to its current, approaching-$20-billion estimate.

As sponsors dry up, organizers are being urged to cut out extravagant, new facilities and “make use” of the old ones.

Today, news that UK Sport, the agency who distribute money to elite athletes, are preparing to make drastic cutbacks, and a “secret report” showing that ministers ignored evidence from experts who found scant social or economic justification for bidding for the 2012 Olympics.