Here's a quick guide to three great places to stay in central London during the Olympics...
CASH
Crash pads

Five people can stay in a crash pad in London for as a little as £170 a night in total. This Tooting apartment offers a beautiful light and airy living space for five sports fans. Crash pads are a great way for a family or group of people to stay in London during the Olympics on the cheap. Available to book now via www.ownersdirect.co.uk.
Quality Hotel Wembley

Anyone attending a game at Wembley would do well to check out the Quality Hotel Wembley which is perfectly positioned for games such as badminton. The rooms are bright with ensuite facilities, air conditioning, direct dial telephone and all the other sundries. All these facilities ensure that your stay in this Wembley hotel is comfortable and relaxing. During the Olympics, prices start from as little as £72 per a night, per a person based on two sharing. Book with HostelBookers and look out for other destinations on their thrifty website.
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The Arch London
Add a twist of glamour to your cultural Olympics stay in London, by visiting The Arch London. It boasts the Hunter 486 restaurant, frequented by locals, and bringing together classic chic with timeless hospitality. The key theme to the hotel is art - and it's decked out in a lot of art - from the bedrooms to the entrance. The Arch London, is a member of Pride of Britain Hotels. Prices start from £123 pp per night (two sharing). Two-night packages including breakfast are available. Contact Pride of Britain Hotels (0800 089 3929; www.prideofbritainhotels.com) to book.
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I suggest that the conclusion you might reach, if you had to go out shopping in any Euro zone country, is that despite the propoganda of the far right wing rags called the "press", is that Merkel and Hollande might have problems, but by comprison with Osborne and Cameron they are giants amongst able politicians.
By way of aside, you might also notice that although the rags have characterised Cameron as striding from European capital city to European capital city, dispensing his Tory economic wisdom and his much respected veto to an adoring European populace. Hollande can't be even bothered to meet the creep and the US thinks he's lightweight.
Bless.