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Rome's 2020 Olympic bid scrapped

Updated: February 14, 2012, 1:38 PM ET
Associated Press

ROME -- Rome dropped its bid for the 2020 Olympics on Tuesday after Premier Mario Monti said the Italian government would not provide financial backing for an estimated $12.5-billion project at a time of economic crisis.

Monti announced after a Cabinet meeting that it would be an irresponsible use of taxpayer money to fund the Olympics with a guarantee that the government would cover any deficit.

"We arrived at this unanimous conclusion that the government didn't feel it was responsible ...

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