The Greek government spent €25 billion on the Olympics. The austerity package they are undergoing will save €30 billion. Their plight therefore seems to be an Olympic Legacy effect. They also have expensive unwanted sports facilities rotting away unused.
The just as debt laden UK government proposes to find £6 billion in cuts in the coming year. The London Olympic 2012 project is costing £9 billion and rising.
I would therefore suggest that the Olympics 2012 are held in Athens and the London project is stopped before they vandalise Greenwich park and rip up the Hackney Marshes. This would allow the Greeks to get some use out of their sports facilities and perhaps earn some money to pay off some of their debts. Recycling the buildings would also make it a greener low impact Olympics.
By the way the London 2012 organisers have not got insurance to cover the loss of revenue if the Icelandic volcano erupts and disrupts flights. Would you bet against it NOT erupting during the games?