olympics athens

Greece spent lavishly on the 2004 Athens Games, with final budgets landing billions of dollars in the red.

According to a working paper by researchers at Oxford's Saìˆd Business School, the project went over budget by 60%.

Greece also built too many hotel rooms and fell victim to hopes that the Olympics would lead to longer-term gains thanks to tourism.

(Watch video: Why BMW is making a bobsled)

Many of the stadiums built for the Olympics, like the one shown here, now sit unused.

  @CRrileyCNN - Last updated January 14 2014 01:54 AM ET
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