By
Michael Munoz
Published: February 15, 2012
Categorized in | News
Italy officially removed itself from consideration in hosting the 2020 Olympic games Tuesday, citing economic uncertainty as the main reason for dropping out of contention.
According to the Los Angeles Times, Italian Prime Minister Mario Monti said Italy is not financially stable enough to host the international games, which has a $12.5 billion price tag.
Rome was the front-runner for hosting the 2020 games after being heavily promoted by Mayor Gianni Alemanno. Alemanno disapproves of the Italian government’s decision and its unwillingness to bet on “Italy’s future.”
Despite Alemanno’s disappointment, Monti believes it would be irresponsible for Italy to make a bid considering the economic climate, and wouldn’t want to put the burden on the taxpayers to pick up the bill.
The Olympic International Committee will officially begin accepting bids Wednesday for hosting the games. The remaining cities include Tokyo, Madrid and Istanbul. The front-runner position has now shifted to Doha, Qatar, which isn’t plagued by financial trouble the other potential countries are facing.
The election of the hosting city is scheduled for next year.
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