You want Greece to pay for all the Olympics xD?
First up, they wouldn't be anywhere near so expensive if there were established facilities which were reused every time. And second, each country could provide some funding to the IOC, and the IOC also handle international merchandising etc to fund the games, third, it would boost the economy of Greece like nothing else. Overall it would be better for the environment and cost of the games to reuse the same facilities.
Other countries might get upset about the fact that one country is the only one receiving tangible benefits for hosting an international tournament though, even if that country is economically cream crackered.
Anyway, some of the Olympics seem to be these days seem to just be a race to better technology, as opposed to individual (or team) attainment in a specific discipline. I recall the Sydney Olympics in 2000, during the swimming events 14 world records and 38 Olympic records were set over 32 events, which (at least by the manufacturer's claims) were set because of the suits they were wearing. Some countries either couldn't afford or had rules against sponsorship so couldn't get the suits for their competitors, and were naturally at a disadvantage to the more affluent and lenient nations.
Seems a bit pointless having a competition in which you have no chance of winning because you can't afford the magic bullet to help you compete.
Could also go on about the lack of amateur competition, like the Olympics were initially meant to be (if you got paid for it, you couldn't compete in it) but that's another kettle of fish.
I like how it gets kicked around the world though. Then you get to see how different nations completely bugger up getting ready for it, and how they cope with the massive amount of money they've just invested in something that lasts less than 3 weeks.