Rome out of Running for 2020 Olympics

Sad news from Rome today, as Breaking Travel News reports that the city has been forced to withdraw its bid to host the 2020 Olympic Games after new Italian prime minister Mario Monti refused to guarantee the cost of staging the event.

Monti said it would be irresponsible to use government funds for the event during a time of austerity. Estimates suggest the games could cost as much as $12.5 billion to stage.

Today is the deadline for the submission of applications files and guarantee letters to the IOC.

The decision leaves Doha as the front runner to win the bid, with Istanbul, Tokyo, Madrid and Baku also in the race.

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