The problem with the Games is that, as well as being excruciatingly boring, they’re an expensive gift that keeps on costing. In better economic times, the usual rules of property development apply. What isn’t recouped in kind by social intangibles (status, the tourist economy) can theoretically be snatched back in post-event sales and letting, if the project’s managed skillfully. But take away the skilful management and normal market conditions and you have… well… the 2012 Olympics: a financial crisis with a graffito logo.

Our publisher, in his guest column, over at Citywire.

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