Introduction
Hosting mega sporting events has become a matter of prestige for the countries despite their economic consequences. The standard rhetoric for hosting the Olympic Games is that it promotes investment opportunities, open the country to the world, and increase tourism. However, the long-term outcomes of mega sporting events arouse doubt in the postulates. The present paper aims at exploring the short- and long-term consequences of the 2004 Olympic Games in Greece by reviewing scholarly and newspaper articles published by authors of varying qualifications. The review demonstrates that the impact of the Olympics is controversial.
Source 1
The article by Associated Press (2010) aims at answering the question of the 2004 Olympic Games in Greece were the reason for the country’s financial crisis. The authors review government publications and interview experts in the field to address the question. The author of the article is not mentioned; instead, a corporate author is stated. Associated Press is a reputable news agency that employs a wide variety of specialists and various fields. Even though the qualifications and skills of the author cannot be assessed, the reputation of the news agency adds to the credibility of the source.
It is unclear if the Olympics had a considerable contribution to the economic crisis in Greece, and no empirical analysis was conducted. The authors of the article do not have an explicit reference list that could help to identify the reliability of other incorporated sources. However, the names of people and organizations mentioned in the article demonstrate that the authors reviewed a wide variety of sources and interviewed people representing competing views.
The assumption employed by the authors is that the Olympics had a negative impact on the country’s economy. However, the extent of damage is open for discussion. The author uses methods with questionable validity since the qualitative approach to measuring economic impact seems inappropriate. The credibility of findings, however, is medium since the interviewees are experts in the field, but the data to confirm their opinions is limited. As predicted by the authors, the Olympics had a negative influence on the economy of Greece. However, since expenditures associated with the Olympics are only a small portion of the country’s debt, the event cannot be considered the sole reason for the country’s financial problems.
Source 2
The article by Boukas et al. (2013) examines the impact of the Olympic Games on the built and human heritage and cultural tourism in Athens. The authors are affiliates of the Center for Sustainable Management of Tourism, Sport, and Events of the European University in Cyprus. The authors seem to have appropriate qualifications since they have published several scientific articles that were highly appreciated by peers.
The authors do not explicitly identify the gap in the literature that led to the formulation of the research question. However, the evaluation of the impact of the 2004 Olympic Games was focused on economic issues, and little attention has been given to cultural heritage tourism and the potential for leverage in the post-Games period. The authors review 100 sources of varying credibility and publication dates, which is helpful for providing holistic information about the matter. However, a large number of sources is expected since the primary method utilized by the authors is a literature review.
The authors utilize qualitative methods for answering the research question, which may have implications for credibility. However, the issue is addressed by employing three techniques, including literature review, empirical analysis, and semi-structured interviews. Even though there is no assessment of the validity of the methods, they seem to be appropriate for answering the research question. The authors expressed no predictions concerning the outcomes of the study. The research results show that the Olympics helped to transform the city from an overcrowded capital with significant cultural elements into a modernized European city. If used correctly, heritage can be used to improve the financial situation in the country by attracting more tourists.
Source 3
The article by Georgiakis and Nauright (2012) discusses how the economic state of Greece is used to promote the policies of the European Union. The article also explores how the financial implications of the 2004 Olympic Games serve as a cautionary for smaller economies, which want to bid on hosting mega sporting events. The authors are associates of the University of Sydney and George Mason University. They can discuss the specified issue since they have appropriate skills and qualifications.
The authors do not specifically identify a gap in literature the authors are trying to address. However, it seems that the authors aim at summarizing and conceptualizing the findings from other sources. The authors use 13 reputable sources that were up-to-date when the article was published. However, the number of reviewed sources seems inadequate, considering that the utilized method is the literature review.
The authors presuppose that the 2004 Olympics were the primary reason for the financial crisis in Greece. The assumption prevents the authors from showing the competing views on the problem making the article one-sided. The validity of the utilized method is high since the literature review seems appropriate for answering the research question. However, the credibility of the findings may suffer from the inadequate number of sources that were not justified anywhere in the paper. As predicted, the authors conclude that the Olympics had a considerable negative impact on the Greek economy since it marked the beginning of the period of irresponsible spending. The example of Greece can be used to warn other countries about the negative consequences of mega sporting events.
Source 4
The article by Kasimati and Dawson (2009) explores the impact of the 2004 Olympic Games in Athens on the Greek economy. The authors utilize macroeconometric modelling to identify short- and long-term financial outcomes of the event. The authors are credible since they have appropriate qualifications and skills for discussing the issue. Evangelia Kasimati and Peter Dawson are associated with the Department of Economics and International Development of the University of Bath in the UK. Kasimati is also a member of the Hellenic Institute for Training and Research in Athens.
The authors claim that the majority of research studying the economic effect of the Olympic Games in Athens was undertaken before the event based on input-output (I–O) and computable general equilibrium (CGE) frameworks. Even though the authors used 39 credible sources, the majority of them were out of date when the article was published. However, as mentioned by the authors, most of the relevant sources were published before the Olympics. Therefore, the publication dates of the sources do not diminish the credibility of the article.
The authors assume that the studies conducted before the Olympics are biased since they were “promotional.” The validity of the research is high since the authors use appropriate methods that have been elaborated and tested by authorities in the sphere. The credibility of the study is also high since the predictions were very accurate when juxtaposed with actual economic data. The results of the research show that the long-term economic impact of the Olympic Games in Athens is modest, which is coherent with initial predictions.
Source 5
The article by Sanburn (2012) aims at exploring Greek people’s opinions about the results of the 2004 Olympic Games. The author asks several people in the streets, university professors, and banking specialists to discuss the issue. The author of the article is a talented and experienced reporter and assistant editor. Even though he possesses sufficient writing skills, he does not seem to have the appropriate qualifications and skills to assess people’s opinions.
The author failed to identify a gap in the literature; therefore, the article does not address a unique issue. He does not use any outside sources and states figures without references. The traditional formal methods of studying the opinions of a population include questionnaires and structured interviews. The author did not employ any of the methods; therefore, both the credibility and validity of the article are questionable. The author made no predictions. He concludes that Greek people are not interested in the new Olympics since the 2004 Olympic Games left a scar on the Greek economy. Governments around the globe spend too much money on preparations for the Olympics. However, the economy of the countries suffers most of the time.
Source 6
The article by Smith (2012) offers an overview of the effects the Olympics had on Athens and Greece using observations, random interviews, and expertise. The article touches upon the economic impact on the country, the condition of the facilities, and the usefulness of the Olympics’ heritage. The author is a professional reporter who has numerous publications concerning various issues. However, the credibility of the author is doubtful since she does not have adequate qualifications to address the matter.
There is a considerable difference in expert opinions about the impact of the 2004 Olympics on the Greek economy and society. The author’s use of references is insufficient, and the sources are not clearly identified. The author seems to presuppose that the long-term impact of the Olympics on Greece is negative since he demonstrates only one side of the argument.
The author uses low validity methods since the economic impact is measured utilizing quantitative methods, rather than qualitative. The credibility of the methods is also low since the interviews are not structured, and interviewees are not credible. The author does not make any explicit predictions. She concludes that the expenditures on the organization of the Olympics were inadequate, which led to significant negative implications for the Greek economy.
Summary
All the reviewed sources demonstrate that the overall economic impact of the 2004 Olympics on the Greek economy differed considerably from the initial predictions. For instance, Kasimati and Dawson (2009) state that short-term implications for the economy were positive since a lot of money was attracted to the country, the long-term consequences of the event were modest but still positive. At the same time, the majority of reviewed articles claim that the effect of the games was between negative and terrifying. Sanburn (2012) and Smith (2012) believe that inadequate spending during the Olympics was the primary reason for the economic state of Greece.
Even though research by Georgiakis and Nauright confirm the matter, it is unclear if the Olympics is to blame for the increasing debt of the Greek economy. According to Associated Press (2010), the money spent on the Olympics is equivalent to one-quarter of the 2009 budget deficit. Therefore, making $11 billion spent over seven years responsible for the crisis is irrational.
Critical analysis of the quality of the research demonstrates that even though the economic outcomes of the Olympics for Greece are controversial, the event is not the main driving force of the financial crisis. The Greek economy has not had a balanced budget for more than 40 years (Associated Press 2010); therefore, the Olympics cannot be the reason for the crisis. The GDP increase during the preparation years was 2.5 times higher than the preparation cost, and unemployment fell down by 1.3% (Kasimati & Dawson 2009). However, the majority of the increase was due to borrowed money (Sanburn 2012), which means that the burden of national debt also grew.
The absence of adequate heritage management also contributes to the problem. According to Boukas et al. (2013) and Smith (2012), most of the facilities created specifically for hosting the event are currently underused, which damages the country’s economy. The new infrastructure, buildings, and equipment can be used to enhance tourism in the country (Boukas et al. 2013). Therefore, it may be concluded that the Olympics are not the sole reason for the poor state of the Greek economy, but rather poor management and strategic planning.
References
Associated Press 2010, ‘Did 2004 Olympics spark Greek financial crisis?’ CNBC. Web.
Boukas, N, Ziakas, V & Boustras, G 2013, ‘Olympic legacy and cultural tourism: Exploring the facets of Athens’ Olympic heritage’, International Journal of Heritage Studies, vol. 19, no. 2, pp. 203–228.
Georgiakis, S & Nauright, J 2012, ‘Creating the ‘scarecrow’: The 2004 Athens Olympic Games and the Greek financial crisis’, Academy of International Sport, vol. 4, pp. 1-13.
Kasimati, E & Dawson, P 2009, ‘Assessing the impact of the 2004 Olympic Games on the Greek economy: A small macroeconometric model’, Economic Modelling, vol. 26, no. 1, pp. 139–146.
Sanburn, J 2012, ‘Was it worth it? Debt-ridden Greeks question the cost of the 2004 Olympics’, Time. Web.
Smith, H 2012, ‘Athens 2004 Olympics: What happened after the athletes went home?’ The Guardian. Web.