Credit crunch means 50% of finance needed has yet to be secured

The government has released 拢95m in contingency funding for the 2012 Olympic village in east London in the wake of the global economic crisis.

Organisers revealed last month that only half of the 拢1bn needed for the athletes' village and media centre in Stratford had been secured.

The overall budget for the Games is 拢9.3bn, with the contingency funding making up 拢2.2bn of that.

Lend Lease and the Olympic Delivery Authority have yet to agree a final contract for the sites.

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