Fifa set aside £400m contigency fund for South Africa 2010
A few weeks ago, the U.S. economy was rocked with the downfall of $20 billion company Bear Stearns. Americans hear worrying news reports on the state of the economy on a seemingly hourly basis, but Bear Stearns seemed to be surprising.
It was merely a span of a few days from the time Bear Stearns went national with assurances that the company was secure, to the news that J.P. Morgan had bought out one of its largest competitors. Confidence, some analysts stressed, is a large factor in driving the success of any economy or company. Bear Stearns lacked that confidence; they panicked, and the result was nearly a full collapse.
So with FIFA recently admitting that they are preparing a £400m contingency fund in preparation for the possible collapse of the 2010 South African World Cup, confidence seems, to say the least, to be a bit shaky. The governing body has at last looked in the eye some of the concerns that soccer fans have been outlining all along – a lack of solid infrastructure, shoddy safety for the players and the spectators, inadequate stadiums, and a lack of tourism appeal and hospitality to make this more developing country seem as alluring as the lodgings of the more recent Cups – Germany, the United States, Japan and Korea, and France are all considerably more developed than South Africa.
Written by Cherie Getchell. 4 comments


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