Rome Drops Out Of 2020 Olympic Race
The race to host the 2020 Olympic Games has been cut to five candidates after Rome was forced to drop its bid – having failed to secure the support of the Italian government.
Prime Minister Mario Monti announced that it would be irresponsible for the government to provide the financial guarantees necessary for the International Olympic Committee to consider the bid.
Tuesday’s news had been widely expected as Italy continues to struggle with the effects of the European economic crisis.
Rome’s project came with an estimated price tag of £7.97bn ($12.5bn) and taxpayer money would have been utilised to cover any deficit.
Monti told the Associated Press: ‘We arrived at this unanimous conclusion that the government didn’t feel it was responsible to assume such a guarantee in Italy’s current condition. We studied the plans with great care. Italy can and must have ambitious goals.’
‘Our government is focused also on its growth, not just on strictness, but at this time we don’t think it would be fitting to commit Italy to this type of guarantee, which could put at risk taxpayers’ money.’
With the likes of the United States, France and South Africa strong possibilities to enter bids for the 2024 Games, any future bid could face strong competition.
