Even before the so-called 'credit crunch' took hold, there were concerns as to how London could match the success of this year's Olympics in Beijing, where the Chinese government spared no expense in laying on a lavish spectacle.

But Rogge, in London along with fellow IOC chiefs for four days of talks on the lessons that can be learned from Beijing, said the British capital would not need such a massive building programme before it was ready to stage the Games in four years' time.

'I am conscious that we come out of the enormous success of Beijing, into difficult economic times,' said Rogge.

'Well, the Games have survived difficult times before.

'The Games remind us that the transient difficulties of life can be overcome through hard work and determination.' The Belgian added: 'London will build its Games around legacy and sustainability. It will use existing and temporary venues, and the city's existing infrastructure. It will only build facilities that will be valued and used by the local community long after the Games are over.

'Each Games are unique. It is not the amount of money spent that determines how good a Games is, it is also the unique and inspiring atmosphere created within the city. I'm sure London will do very well there.'

Rogge also praised the performance of Britain's Olympic team in Beijing.

'I cannot mention Beijing without acknowledging and praising the outstanding performance of the British Olympic team.

'Across Britain people in their hundreds of thousands watched the Games at live sites, millions watched the victories of outstanding athletes such as Chris Hoy, Rebecca Adlington and of course your remarkable sailors and rowers such as Ben Ainslie,' the former Olympic yachtsman added.

The London Games are now set to cost 9.3 billion pounds (S$21.3 billion) as opposed to the 3.4 billion pounds originally envisaged and earlier this month Tessa Jowell, Britain's Olympics minister, admitted: 'Had we known what we know now, would we have bid for the Olympics? Almost certainly not.' -- AFP