The International Organising Committee is in town this week for an update on London's troubled 2012 construction project.

For three days the IOC members will inspect efforts on the ground as the Olympic Park in the Lee Valley starts to take shape.

The committee will be keen to see whether the financial crisis has effected construction - to date all major projects are under way.

"Regeneration"

When the committee was last in the UK things were barely off the ground.

2012 organising committee chairman Sebastian Coe said:

"We're going to take them round the Olympic Park, that's 500 acres,

"We're going to be able to show them the athletics stadium. The last time they were here we were effectively breaking the soil on that site.

"We've now got a stadium that looks like a stadium, we've got an aquatic centre, we've got a velopark that is surging forward.

"There's a lot to see in an extraordinary site of regeneration."

Disquiet

It is not known whether the international inspectors will hear the views of Greenwich residents, concerned that a temporary equestrian centre will forever ruin Greenwich Park.

Or if the organising committee will meet members from the National Shooting Centre  in Birkly, Surrey, who have been denied the chance to build a world class legacy project in favour of a temporary structure in Woolwich.

European loan - bailouts

Last week Olympic organisers had to go cap in hand to the European Investment Bank for a £225 million loan to keep the athletes' village project on track.

Olympics Minister Tessa Jowell has still not revealed the details, saying she will once the ODA has decided whether to accept the loan.

Hugh Robertson, shadow minister for sport and the Olympics, said:

"The fact that the government has asked to take funding from the EIB shows a complete lack of private sector take-up, which is deeply worrying. This is the final nail in the coffin for any immediate private sector financing. The government is desperate to prevent this from becoming a wholly public-sector project."

Lead contractors, Lend Lease, have failed to raise millions from the private sector.

In January, the Government injected £326m into the Olympic Village. The taxpayer has also cover the entire cost of the £355m media centre.

The £525 million Olympic stadium may have to be demolished after football clubs went cold in taking up residency.

On the lack of private finance, Lord Coe said:

"In the organising committee we have raised about half-a-billion pounds from the private sector.

"That gives us financial certainty in moving from planning to delivery."

The East London games budget has tripled from £2.4 billion to £9.3 billion.