IOC loses $34 million due to global economic crisis

May 6th, 2009 - 4:08 pm ICT by IANS  

Hamburg, May 6 (DPA) The value of the International Olympic Committee’s (IOC) financial investments has been reduced by $34 million, president Jacques Rogge revealed.
Rogge told in an interview to website Tuesday that the drop in financial markets cut 8 percent off the IOC’s overall reserves of 400 million since the beginning of 2008.

“These were careful investments,” said Rogge. “We were in bonds. We were a little bit in equities but not much.”

Rogge added that all markets had suffered losses and while there was a potential shortfall, it was only on paper.

“We still hope to get something back,” Rogge said, before adding that preparations for the 2010 Winter Games in Vancouver, 2012 London Summer Olympics and Sochi 2014 were not under threat.

“I would say, in terms of the organising committees, we have no problem ,” Rogge said.

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