How the Economic Crisis is Now an Olympic One

The economic crisis hitting Europe's most troubled nations hasn't spared their Olympic performance. Portugal, Ireland, Greece and Spain are likely to leave London with fewer medals than in 2008 and face dimmer prospects as funding cuts bite hard on the road to 2016, according to a WSJ report..

The four countries that have been recipients of high-profile international bailouts collected a total of 27 medals, and six gold medals in Beijing. Heading into the final two days of competition in London, they so far have 18 total medals and three gold. Italy, which hasn't received a bailout but is similarly troubled, had 27 total and 8 gold in Beijing compared with 20 total and seven gold here so far.

 The road will get more difficult. As governments cut sports budgets, they are expected to compete in fewer sports and focus funding on elite athletes in the sports that remain. Private money will get harder to raise….

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