Tuesday’s news had been widely expected as Italy continues to grapple with the effects of the European economic crisis. Prime Minister Mario Monti announced that it would be irresponsible for the government to provide the financial guarantees necessary for the International Olympic Committee (IOC) to consider the bid. Rome’s project came with an estimated price tag of US$12.5 billion and taxpayer money would have been utilised to cover any deficit.
“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,” said Monti, according to the Associated Press. “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.”
The Italian government is currently engaged in an austerity drive in a bid to reassure the financial markets of the economy’s long-term growth potential. Rome was the first city to confirm its intention to bid for the Games in May 2010, and bid leaders have consistently maintained their commitment to landing the Olympics despite the country’s unravelling financial and political crisis, which saw Monti appointed late last year following the downfall of predecessor Silvio Berlusconi.
Monti’s decision sends a clear message that Italy is determined to cut its debts, but Rome 2020 officials had held out hope that a successful bid could act as a stimulus for development. With the likes of the United States, France and South Africa strong possibilities to enter bids for the 2024 Games, Rome 2020 leaders are aware that any future bid could face stronger competition. “We spent hours talking, but (Monti) was unshakable on the subject of the accounts linked to the general economic situation,” said bid chairman and IOC vice-president Mario Pescante.
“We have to resign ourselves to the fact that for at least 10 more years, we won’t talk anymore about having the games in Italy,” Pescante added. Rome’s exit came a day before the deadline for formal submission of bid files to the IOC. Baku, Doha, Istanbul, Madrid and Tokyo remain in contention with the IOC due to vote on the host city in September 2013.
