Ukraine’s government recently slashed its overall estimate of how much it will take to get the nation ready for the Euro 2012 soccer tournament. Now, the government is saying that it will cost $14.5 billion overall – from public and private sources combined.
That is $5.5 billion less than the previous estimates of $20 billion. Planners cite several reasons for the welcome downward adjustment, but in general they say less spending will be needed in the hotel sector, by local governments, for training grounds and roadwork.
According to the revised plan, taxpayers will directly spend only $7.2 billion. Most of the other $7.3 billion will come from “other sources” of financing, including some private investment, officials say.