Greece to spend almost S$160m on building F1 track

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http://www.todayonline.com/World/EDC121003-0000117/Greece-to-spend-almost-S$160m-on-building-F1-track

Greece has 'unblocked' €30 million (S$47.7 million) so it can build a motor racing circuit capable of hosting a Formula One Grand Prix.

Despite data showing Greece is heading for its sixth year of recession, the government is pushing ahead with constructing the track in Xalandritsa, near Patras.

The total cost of the project will be €94.6 million and it is hoped the circuit will be able to host a Formula One race in the future, reported The Daily Telegraph.

The news comes as a draft Budget for next year shows that the Greek finance ministry expects GDP to contract by 3.8 per cent next year after shrinking 6.5 per cent this year.

Premier Antonis Samaras will target pensions, benefits, and top civil service pay in a bid to unlock the next €31 billionn payment from the EU.