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Madrid hopes frugal Olympic bid will win over IOC

Updated: March 15, 2013, 1:20 PM ET
Associated Press

MADRID -- With Spain mired in recession and buckling under deep austerity cuts, Madrid faces the tough task of convincing the IOC it has the resources to host the 2020 Olympics.

The IOC's evaluation commission will be in the Spanish capital next week to examine venues, finances, safety and other aspects deemed critical to securing the multibillion-dollar event.

Alejandro Blanco, president of the Spanish Olympic Committee, said the key is to show that Madrid's spendthrift approach ...

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