The news that Greece is unblocking nearly 30 million Euros ($40 million) to subsidize the building of a Formula 1 track came just at the time when EU creditors and Government are in hard negotiations where to cut from another 13 billion Euros of budget expenses. While pensioners are crying of their lower and lower pensions and trade unions are striking every day, the Government decided to spend millions on a project that is not only super-expensive, but is also guaranteed as non-profitable.

 Obviously this high-speed track is part of the Government strategy to bring the country to Hell as soon as possible...

Formula 1 racing is one of the most risky adventures that a government can start. It is not only the expensive track. After that a big fee will have to be paid to Bernie Ecclestone for the right to organize a race. Additionally a minimum quantity of tickets will have to be sold. Otherwise the organizer will have to pay a compensation. And additionally some minimum concomitant business in the area will be needed to answer the Bernie's requirements.

In last few years much countries that already have a Formula 1 race calculated losses of this "pleasure". In some of them mayors of cities called desperately the citizens to buy tickets for the race to avoid spending taxpayers' money for compensations.

So Greece can hardly find a more absurd way to spend its deficit money. It risks not only the building costs, but also much future costs.

And it is super funny this happens only 8 years after the previous such sport-inspired financial crash. The Olympic Games in Athens in 2004 are among the reasons of current default of Greece. Enormous organizing costs were not repaid by the Olympic income. Greece suffered significant losses of this prestigious event. Now the sport infrastructure stays unused as a memorial of a great project that was far higher the financial potential of the country.

So now - a Formula 1 Track...

On The Balkans there is a joke-proverb: "On bare belly, a pair of pistols..." It means to invest in expensive pistols when you have nothing to eat and nothing to dress..." Greeks, as Balkans, know very well this joke and obviously sometimes like to implement it...

Dobri
October 1st 2012