Madrid's Gallardón makes third-time-lucky Olympic gamble

For the third time in a row, Madrid wants to host the Summer Olympics. After the failed attempts for the 2012 and 2016 Games, awarded respectively to London and Rio de Janeiro, Mayor Alberto Ruiz-Gallardón presented on Wednesday Madrid's bid to host the 2020 Olympics.

"We were third, then we finished second, and now we have well-founded reasons to believe we can be first," the Popular Party's Ruiz-Gallardón commented at a press conference. Rome, Istanbul and probably Tokyo and Durban will compete with the Spanish capital, with the International Olympic Committee voting to choose the winner in Buenos Aires on September 7, 2013.

The current financial crisis, the cost of the Madrid 2016 project (around 40 million euros) and the city's crippling debt situation (7.2 billion euros, the highest of all Spanish cities) have caused eyebrows to be raised at Ruiz-Gallardón's decision. For the first time, the proposal does not count with the support of all political parties, although Socialist leader in the City Hall, Jaime Lissavetzky, was present at Wednesday's presentation.

The region of Madrid, led by Esperanza Aguirre, also of the Popular Party, had made its objections clear before the bid became a reality. Now, according to Ruiz-Gallardón's words at the press conference, "we can count on the support of the region."

To fend off criticisms, Madrid's mayor argued that the work already done for the past two bids will reduce costs the third time. He also made clear that Madrid will look for help from private investors and will not spend "one euro on infrastructure" until the city knows whether it has been awarded the Games. The advantage, stressed time and time again, is that 80 percent of required work is already done.