15 Feb 2012

Olympic bid scrapped by govt

8:05 am on 15 February 2012

Rome's bid to host the 2020 Olympics has been scrapped because the government says it would be irresponsible to go ahead with it, given Italy's economic plight.

The decision was announced after a cabinet meeting on Tuesday, a day before the deadline for submitting bids.

Prime minister Mario Monti said the government could not guarantee to finance the cost of the staging the event, estimated at 9.5 billion euros ($US12.5 billion).

Doha, Istanbul, Tokyo, Madrid and Baku are bidding for the event.

Rome previously hosted the Olympics in 1960.