The Olympics, aside from one or two exceptions, have always been a way put the hosting city further into debt.
Not according to this:
http://en.wikipedia.org/wiki/Cost_of_the_Olympic_Games
Every summer Olympic besides Athens made good money since 1984 LA Olympic. LA made $250 mil, Atlanta made only 10 mil, but did get something done for the city, expanding their airport...etc.
But you know Greek and their ability to manage money, so their loss is probably not Olympic's fault....