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

The government has released £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 £1bn needed for the athletes' village and media centre in Stratford had been secured.

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

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