According to BBC Russia decided to decrease its budget for the 2014 Winter Olympics as it was necessary because of the economic downturn the country was suffering from. The country was among those who had been hit hard by the global crises.
15% less money will be available to host the Winter Olympics as Deputy Prime Minister Dmitry Kozak said that it was possible to find a way to save more than 8 billion dollars on the upcoming project. The government wishes to save money on all the major construction projects that are to be completed in the near future.
According to the Russian media companies had already been reluctant to invest into these projects even before the announcement of the Deputy Prime Minister. Tender deadlines had already been extended to fight the lack of interest of several companies.
To begin the constructions lands need to be acquired, however, the owners of these real estates are not willing to give in as they do not find the prices offered by the government appropriate.
In the battle of hosting the upcoming event the Austrians lost, yet, Salzburg said that if the city of Sochi is unable to fulfil the necessary requirements and meet deadlines then they are willing to carry out all the constructions required.
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