Bank Bailout for Spain
Will a $100 billion euro bailout of Spanish banks help improve the nation’s economy – and the chances for the Madrid 2020 Olympic bid?
Euro zone financial leaders okayed the bailout this weekend, a move that will shore up the banking sector, hit by bad real estate loans.
While the infusion of cash was considered a needed short-term fix, it remains to be seen whether the bailout will lead the Spanish economy out of recession. The unemployment rate in Spain is 24 percent.
"The measures taken by the EU will not have any impact on our bid," Spanish Olympic Committee vice president Theresa Zabell tells Around the Rings, noting that the bailout is confined to banks. Zabell says the Madrid plan for the Games is based on existing venues and infrastructure.
"We must remember that our Olympic bid has 78 percent of its sporting infrastructure already built and therefore does not need to build any infrastructure in the near future, hence not needing to make large investments at this stage," she says.
Norway Readies Olympics Bid
The Norwegian Olympic Committee (NIF) passed a resolution to bid for the 2022 Olympics in Oslo.
A statement on the NIF website says the vote took place at a June 9 extraordinary congress of the NIF Sports Council. The vote was 142 in favor and 15 opposed, giving "a clear mandate, a clear order and a defined direction" for the bid, the statement says.
The resolution allows the NIF Executive Board to proceed with a bid.
"An Olympics /Paralympics in Norway in 2022 will be an important event to further develop Norwegian sport, a new generation of volunteers and to provide current and future young athletes opportunities to experience and participate in the Olympic Games in Norway," the statement adds.
Bidding for the 2022 Winter Games will open next year, soon after the 2020 host city is chosen Sept. 7, 2013.
Norway last hosted a Winter Olympics in Lillehammer in 1994. The city is also hosting the 2016 Winter Youth Olympic Games. Oslo hosted the 1952 Winter Olympics.
Toronto 2024?
The city of Toronto will study a 2024 Summer Olympic bid after the city council approved a "staff report", according to Toronto’s Globe and Mail newspaper.
The idea was tacked on to a study of a 2025 World Expo by councilman Denzil Minnan-Wong.
"I think it would be great for the city, great for the economy," he told the daily. "It would create a lot of jobs and it is the number one global event that a city could host."
He added Toronto mayor Rob Ford "has some reservations" about the bid.
Toronto bid for the 1996 and 2008 Olympics.
Toronto is now preparing for the 2015 Pan American Games, which will provide some of the infrastructure needed for an Olympics.
Written by Ed Hula III.
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