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Rogge: Downturn cuts $34 million from IOC coffers

Rogge: Downturn cuts $34 million from IOC coffers

The global economic crisis has knocked $34 million off the value of the International Olympic Committee's financial investments, according to IOC president Jacques Rogge.
The fall in financial markets has sliced about 8 percent off the IOC's overall reserves of about $400 million since January 2008, Rogge said in an interview Tuesday with the insidethegames.com Web site.
"These were careful investments," he said. "We were in bonds. We were a little bit in equities but not much. Nothing exotic, but all the markets are falling down, so there is a potential shortfall, but ... only on paper."
IOC finance chairman Richard Carrion said in December that reserves had dropped by about 14 percent due to the fall in stock prices and strengthening of the dollar against the IOC's non-dollar investments.
The reserve fund is designed to keep the Olympics afloat in the event of a games being canceled.
The IOC has also said it stands to lose up to $4.8 million in the alleged Ponzi scheme tied to Wall Street financier Bernard Madoff.
"We still hope to get something back," Rogge said.
He reiterated that the Olympics are weathering the financial crisis and that preparations for the next games in Vancouver, London and Sochi are not under threat.
"I would say, in terms of the organizing committees, we have no problem today," Rogge said.


Updated : 2021-05-14 21:51 GMT+08:00