According the the Telegraph article, a new study done at the University of East London cites lost money and lost jobs – 70,000 of them – for Athens after the 2004 Olympics. (To be honest, I haven’t read this study yet.)
To be balanced, here’s a report by an economist at the University of Nottingham that came out in 2005. The author, Adam Blake concluded that the 2012 Olympics would be good for London and the rest of Britain.
Of course, that study was funded by London’s Department of Culture, Media and Sport, Greater London Authority Economics and the London Development Agency. And it was written before the costs quadrupled to £9.3 billion (about $19.5 billion).
I’ll link you folks to the new study once I can get my hands on it.