Would the IMF cancel 2012

LA sees that over on The Coffee House ( http://www.spectator.co.uk/coffeehouse/3286261/how-bad-will-this-get.thtml) James Forsyth is concerned about how deep the recession could get and how desolate the British economy will be.
He notes that in the City, some are predicting that the Government Debt Time Bomb will go off in 2012 with the intervention of the IMF.

This got LA thinking, what if the IMF moved in in January 2012? They would dictate terms to UK plc in order to reduce debt, they would insist public spending were slashed beyond recognition. That summer London would be hosting the Olympics. This leads LA to ask the hypothetical question; would the IMF insist the Games were canceled?
Would it be felt that as most of the money had been spent, it may as well go ahead to recoup some of the costs?
LA knows if he were on the IOC he would be concerned.
LA is pro the 2012 games provided the opportunity it provides is not wasted.
It should be an opportunity to join up social schemes to do with activity, health, obesity, anti social behavior. It should act as a catalyst and totem to come around, giving huge economies of scale on the mixed up disparate myriad of current initiatives. It should save millions on promoting these schemes whilst bringing optimism, pride and exitement to a nation.

It is time for government to openly come up with a realistic financial plan for the games in our new economic paradigm. If they do not, many around the world, and any potential private sector funders, may have the same worry as LA.

This is too big, too expensive and too important for Gordon Brown to keep his head in the sand, we need transparency, truthfulness and reality: Three strangers to the Brown administration.

LA