Madrid Can Afford the Olympic Games as Economic Crises is Ending says Mayor

September 5, 2013

The organisers behind the Madrid 2020 Olympic Games bid have said the city will be able to fund the Games as Spain’s economic crisis is ending.

Spain’s economic issues have led to questions over Madrid 2020’s bid throughout their campaign, erectile with millions also protesting over austerity measures in the capital in recent years.

Madrid 2020 are now in the final stages of their campaign and hope that the International Olympic Committee (IOC) will choose them over Istanbul and Tokyo when they elect a host city on Saturday, September 7.

Madrid Mayor Ana Botella told reporters in Buenos Aires, where the election takes place: “The economic crisis is starting to get better. The amount we would have to invest over seven years is very small compared to the budget of the state, the autonomous community of Madrid and the city hall.”

This is Madrid’s third attempt in a row to host the Games, having lost to London in 2012 and Rio in 2016.

Spain’s economy has been in and out of recession since the property boom ended in 2008 and Spanish workers have suffered from a decrease in salary and benefits.

However, Madrid 2020 President Alejandro highlighted how public support for the bid had risen from 81% in March to 91% in August.