Four cities offer compact bids for 2016 Olympics

QUEENSTOWN, New Zealand – Campaigning among the four candidates for the 2016 Olympics is increasingly centering on one issue: cost.

Tokyo, Madrid, Rio de Janeiro and Chicago made cases for their financial security amid the global economic recession as part of their presentations to members of the Oceania National Olympic Committees in Queenstown on Tuesday.

“There is a real danger of a deep global recession during the timing of construction for the games,” Ichiro Kono, chairman and chief executive officer of Tokyo 2016, told members.

Kono said Tokyo had already secured $4 billion in funding, and the bid had full support from the upper and lower houses of the Japanese parliament.

Secretary General of the Rio 2016 bid Carlos Osorio said millions from the capital budget was already being spent on roads and an airport renovation and improving infrastructure across Brazil.

The Brazilian government had established a $700 million set up fund, an investment which made the bid’s financial model certain, he said, adding that the national economy was strong and could withstand the worldwide economic downturn with little impact.    (AP)