Recession stricken Greece to spend almost €100 million on building F1 track

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Greece unblocked a subsidy of 28.9 million euros ($37.2 million) for the construction of an international-standard racetrack that can be used for staging Formula One car racing, theMinistry of Development said.

The track, which will be designed to host other events as well, including world championship motorbike racing and go-kart racing, will be built in Xalandritsa near the western port city of Patras at a total cost of 94.6 million euros, the Athens- based ministry said in an e-mailed statement late yesterday. Racetrack Patras SA, a private investment company, will oversee the project.

Greek Deputy Development Minister Notis Mitarakis also signed documents to unblock other subsidies worth a total of 44.4 million euros for a project to build a glass pane-making factory in northern Greece and for modernizing and expanding facilities at the luxury Elounda Bay palace hotel in Crete, including the building of a new conference center, according to the statement. Click below for full story - 

 IMAGE: Lat Photographic - via autoweek.com