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| Russia cuts 2014 Olympics budget | Russia cuts 2014 Olympics budget |
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| Russia has cut its budget for hosting the 2014 Winter Olympics in the Black Sea resort of Sochi by 15%, Deputy Prime Minister Dmitry Kozak has said. | Russia has cut its budget for hosting the 2014 Winter Olympics in the Black Sea resort of Sochi by 15%, Deputy Prime Minister Dmitry Kozak has said. |
| "The price for the venues we have put into the budget is 15% lower" than had originally been planned, Mr Kozak said, according to the Interfax news agency. | "The price for the venues we have put into the budget is 15% lower" than had originally been planned, Mr Kozak said, according to the Interfax news agency. |
| Russia has been hit hard by the global financial and economic crises after years of soaring economic growth. | Russia has been hit hard by the global financial and economic crises after years of soaring economic growth. |
| The 2009 budget will slip into deficit for the first time in about a decade. | The 2009 budget will slip into deficit for the first time in about a decade. |
| In November, Mr Kozak announced that the state would seek savings on all major construction projects in which it was involved. | |
| A Russian media report on Tuesday said preparations for the Olympics had also been affected by a lack of interest from firms in bidding for projects, forcing the local authorities to extend tender deadlines. | |
| They also faced mounting difficulty in acquiring land necessary for Olympic infrastructure because owners were refusing to sell at prices offered by the government, the Prime-TASS news agency said. |