Ashling O'Connor, Olympics Correspondent

The financial cushion for unforeseen costs around the London Olympics is just £500 million with more than three years to go until the opening ceremony, government figures today revealed.

A £2.7bn contingency fund agreed by ministers in 2007 has been eroded by the complexity of the construction project and the credit crunch, which has sucked private money away from two of the biggest venues on the Olympic Park in east London.

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Posted by boyang at February 5, 2009 9:23 PM