Billed as an economic stimulus and Russia's platform for a return to its former status as a world leader, the Winter Olympics in Sochi already have the country in fiscal trouble.
While the Winter Olympics last year were impressive in terms of presentation and pageantry, making such an imprint came at a huge cost -- one far exceeding projections. In total, Russia spent $51 billion to host the games, well ahead of its projections.
Some of that spending isn't exclusive to the Olympics. The construction of dorms, housing, and even transportation infrastructure all go toward modernizing the region around Sochi and investing into Russia's future. But the spending seemed to get out of hand at times, such as when the Olympic ski jump facility -- projected to cost about $40 million -- wound up costing almost $300 million and embroiling one businessman in a corruption scandal.
Now, so soon after Russia basked in the glory of its Olympics, President Vladimir Putin is facing tough financial circumstances. TAccording to Business Insider, debtors are calling and wanting outstanding balances to be paid. Many investors are selling properties built for Sochi, and one bank is forced to write off a $1.7 billion loan taken out on a ski jump and resort investment that has only lost money.
Now, Business Insider reports that at least two top investors are passing off their bad investments to Russia itself, which will pay billions to take over the assets while managing them and minimizing the negative PR. But those costs get passed on to taxpayers, who will have to foot the bill.
Other investors are reportedly in line to cash in their bad assets with Russia, but BI suggests that Putin has to walk a thin line between pleasing those investors -- many of whom wield power in Russia -- and preventing unrest among taxpayers who are not getting the economic boon they promised.
Meanwhile, Russia will host the World Cup in three years, and observers are nervous about whether the country's flimsy economy can handle another major sports spend, and in such a narrow period of time. If Sochi is any indication, Russia will manage to save face -- even if it only delays the inevitable.
Olympic Stars Who Got Filthy Rich After The Games
Bruce Jenner
Who can forget the original golden boy of the summer games, Bruce Jenner? After his record-setting decathlon win in 1976, Jenner's image was everywhere, including on a Wheaties box, and on the cover of Playgirl.
Bruce Jenner
Jenner has managed to maintain the spotlight later in life, although in a much different way. After starring on the TV show "Keeping Up With The Kardashians" for years, Jenner announced she was transgender and adopted the name Caitlyn. Jenner's estimated net worth is a staggering $100 million.
Shawn Johnson
Johnson balanced and danced her way to an estimated $9 million estimated wealth. In 2008, the plucky teen from Iowa captured gold on the balance beam, silver in the women’s all-around competition and the mirror ball trophy on "Dancing With The Stars" less than a year later.
Shawn Johnson
And all that glitter catapulted her into the hearts of American consumers and advertising moguls who wanted her to endorse their products. Nowadays, she lives in Nashville, where she is happily married to a Oakland Raiders long snapper Andrew East.
Usain Bolt
This lightning-fast Jamaican superstar sprinter was one of the biggest names in Beijing and London. Bolt, who set world records in the 100-meter and 200-meter runs in the 2008 Olympics and won gold in the 100-meter dash this year, had earned roughly $20 million in 2012 alone, according to Forbes.
Usain Bolt
The gold medalist enters another Summer Olympics as a favorite in his events, and even richer than four years earlier, with an estimated net worth of $30 million.
Nastia Liukin
Liukin won five Olympic gymnastics medals in 2008, including becoming just the third American woman ever to win the all-around gold medal. As a result, she lined up endorsement deals with Subway and Cover Girl. In collaboration with JCPenney, she even released her own clothing line, Supergirl by Nastia.
Nastia Liukin
Between her various endorsement deals, fashion line and other business ventures, Liukin is believed to have a net worth around $2 million, although she has chosen to keep her personal finances private.
Sanya Richards-Ross
Richards-Ross, one of the world's top sprinters, exited the 2012 Summer Olympics with an estimated net worth of at least $1 million, thanks to endorsement deals with BMW and Nike.
Sanya Richards-Ross
Now, as she works to make a fourth straight Olympic team, Richards-Ross's personal net worth is pegged at roughly $1.5 million. But her bank account is much larger than that, since she's married to the NFL cornerback Aaron Ross, an eight-year veteran with nearly $15 million in career earnings.
Michael Phelps
No swimmer has even come close to matching Phelps' financial success. A wunderkind from an early age, Phelps' eight gold medals at the 2008 Summer Olympics launched him to unprecedented heights for his sport, and for the Olympics. By the time the 2012 Olympics rolled around, his net worth was estimated at nearly $50 million.
Michael Phelps
Now, as he prepares for his final appearance at the Olympics, estimates have his net worth pegged at $55 million, not to mention the well-funded charitable foundation in his name. With a wide array of endorsement deals under his belt, Phelps is likely to add to that number after the summer Olympics in Rio -- and if he records another historic performance, the sky is the limit.
