Madrid hopes to get third time lucky with 2020 bid

Madrid has finished an extremely high percentage of the infrastructure needed for the organisation of the Olympics and Paralympics and can count on the experience of the previous two bids and the recognition of the Olympic family,Gallardon said. The completed work means the cost of the bid will be significantly less,following criterion of austerity and efficiency with the highest possible return for the image of Madrid and Spain.

Gallardon’s announcement comes as Spain struggles to cope with an economic crisis gripping the euro zone and the Socialist government strives to trim a public deficit that was almost 10 % of gross domestic product (GDP) in 2010.

The Spanish capital,which has never hosted summer Games,made the final round of voting for 2016 but lost out to Rio de Janeiro. An earlier bid for next year’s Games faltered in the third round of voting when they were beaten into third place by Paris and eventual winners London.

Istanbul also ready

Turkey: Meanwhile,Istanbul is also ready to bid for the 2020 Olympics,Turkey’s sports minister said Wednesday. Suat Kilic said in an interview that Turkey was set to meet all the requirements for hosting the games. “God willing,we will bid and fulfill requirements to the letter,’’ Kilic said. The Turkish Olympic Committee said the deadline was July 29 and a final decision would be made after a meeting with Prime Minister Recep Tayyip Erdogan.