Debt-struck Madrid is betting its penny-pinching bid to host the Olympics in 2020 will reap rich economic dividends for recession-hit Spain. The Spanish capital is banking on a low-cost 5 billion dollars Olympic bid that relies heavily on existing stadiums to surprise Tokyo and Istanbul when Olympic chiefs make their decision in Buenos Aires on Saturday.
International Olympic Committee President Jacques Rogge said his organization and future games hosts must overcome the challenge of convincing the wider public about the benefits of staging sports’ biggest event.