Sunday, February 22, 2009

Amsterdam Underground: Financial Disaster

The construction of the North-South Amsterdam underground has turned into a financial disaster. The project was approved in 2002 with a budget of 1.4 billion Euro. Of this the State paid over 1 billion Euro on condition that the Amsterdam municipality would be responsible for the remainder and all costs above budget. The latest findings show that the project will now cost
2.5 billion Euro. Tjeerd Herrema (Labor), the alderman responsible for the project, has resigned.

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