Financial crisis may adversely affect preparations for EURO 2012

23-09-2008, 16:00

Local authorities in Poland may have problems with raising funds for investments connected with EURO2012.

World financial crisis hit the bond market while bonds are the main source of funds for local authorities.

“Even issues of ordinary bonds cannot find buyers because of panic on the financial markets. The subprime credit crisis made investors put money into the safest instruments”, Krzysztof Kalicki, Deutsche Bank Polska CEO said.

The situation is especially difficult with stadiums. It’s not certain who is going to use them and how they will be managed. The margins are growing. The spreads are even 10-times higher than last year.

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