London's Recession Olympics Begin Tonight

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July 27 (Bloomberg) -- The London 2012 Olympics begin tonight with the opening ceremony amid economic recession in the host nation. The U.K. is spending 9.3 billion pounds ($14.6 billion) for the 17-day event, a quarter of what China allocated for the last games in Beijing, but far greater than the estimated 20 million pounds spent the last time the English capital welcomed the world's elite athletes in 1948. Bloomberg Television's Louise Beale reports. (Source: Bloomberg)