The 2004 Athens Olympic Games cost Greece a total of 6.5 billion euros and did not affect the country’s economy, a Greek economic think tank has found.

The study on the economic impact of the Olympics on the Greek economy was conducted by the Foundation for Economic and Industrial Research and was published on Thursday. It shows that the 2004 Athens Olympics had a positive effect on domestic economic activity and employment. However, Greece failed to fully exploit that boost.

The study was commissioned and financed by former organizing committee chief Gianna Angelopoulos.

Figures show that an estimated 2.9 billion euros returned to the state coffers in the form of taxes and security funds contributions.

Half of the total expenditure was spent on sports venues. The total cost excludes Olympics-linked projects such as a new Athens airport, the subway, the tram and certain roads.

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