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The global financial crisis will in no way prevent London from hosting exactly the Olympic spectacle it promised in more affluent times, according to London's Games chief Sebastian Coe.

Better still, the 2012 extravaganza can serve as an antidote to the self-interest that sparked the worst economic downturn since the Great Depression in the 1930s, the former Olympic champion added.

"Given that we are where we are at the moment, economically, in large part because of rather questionable, self-interested activity... there has probably never been a better time to reaffirm the Olympic values of respect, friendship, courage, determination and equality," Coe said with evangelistic passion during an interview.

Speaking in a Singapore café and looking relaxed in an open-necked shirt, Coe's casual dress belied the zeal he exudes for sport's power to heal - but it soon became more than clear as the 1980 and 1984 Olympic 1,500m champion warmed to this theme.

"They (Olympic values) are the very antithesis of the things that have got us to this position now.

"It is an ideal time to reaffirm the timeless values of friendship, solidarity, fair play and optimism encapsulated within the Olympic spirit.

"I don't believe there has ever been a better moment for the Olympic movement to drive those values. I think there is a receptive audience to that.

"There has been a sea-change of public attitude to so many things."

Dismissing suggestions that the financial crisis could impinge on London's Games, Coe said a combination of prudent planning, crystal ball gazing and plain old fashioned luck means the city will absolutely live up to the promises it made to the world in 2005 when it was awarded the Olympics.

"Even given that back then was a time when the economy was as good as most people could remember, we were still committed to delivering a sustainable Games in a responsible way," the former sports icon-turned politician-turned sporting visionary smiled.

Easing back in his chair, just metres from where London had been awarded the Olympics four years ago, Coe conceded that hindsight was a "wonderful faculty" but underlined that London's success would be safeguarded by three steps they had taken.

"Firstly, committing to a vision in the bidding process that recognised that even though the economy was buoyant and the world was a different place, the days of building big just because the last one (Games) was big were over," the youthful 52-year-old said.

"Local communities are and were very much more sophisticated about what it is you leave behind. Forty years ago I don't think you would have had a big discussion in a city about anything beyond 16 days of extraordinary Olympic sport. (Now) setting the sustainable and the responsible was very important."

Coe said that the second key element had been bringing business partners on board almost immediately: London officials say the Organising Committee had signed up Tier One domestic partners before the 2008 Games in Beijing and that revenue from sponsors has already surpassed £500 million.

"It allowed us to create a financial cushion fairly early," Coe explained. "It allowed us with clarity and certainty to move from planning into the operational phase and, crucially, maintain the independence of the organising committee.

"That is, in my experience, more than often achieved by being financially independent as well."

London's sizeable contingency in their infrastructure budget was key too, Coe added.

British Prime Minister Gordon Brown in 2006, while he was still chancellor of the exchequer, provided a £2 billion-plus contingency fund for the Olympic Delivery

Authority to draw on for construction of venues and regeneration of East London.

This fund has ensured construction of the Olympic Village and broadcast centre remain on schedule despite difficulty in securing private investment for these venues as initially planned.

"With some luck and I like to think a little bit of judgement ... we will deliver in exactly the same way as we envisaged delivering four years ago," Coe said.

"The London Olympic Games project is absorbing the impact of the global economic downturn, and is on track and ahead of schedule in key areas."

Reuters