Tuesday October 2,2012
Greece are planning to build a Formula One race track
THE GREEK government is set to subsidise the building of a new Formula One track despite it being in economic meltdown.
Greece unblocked a subsidy of 28.9million euros or £23m for the construction of a Formula One racetrack, the Greek ministry of development said.
The track, which will be designed to host other events as well as Formula One will be built in Xalandrista near the western port city of Patras at a cost of 94.6 million euros.
The news comes as the country wrangles over a series of cuts in order to claim a multi-billion bailout from the International Monetary Fund.
The country currently faces a budget shortfall of 20 billion euros - twice the estimated value in order to gain bailout.
But it seems Greece is still not adverse to spending money.
According to Bloomberg, Greek Deputy Development Minister Notis Mitarakis also signed documents to unblock other subsidies worth a total of 44.4 million euros.
The project include building a glass pane-making factory in northern Greece and modernizing and expanding facilities at the luxury Elounda Bay palace hotel in Crete.
|Liveleak on Facebook|