Amid financial crisis, Rome 2020 confirms bid plan

Published Nov. 9, 2011 8:30 a.m. ET

foxsports

Leaders of Rome's bid for the 2020 Olympics are pushing ahead despite Italy's financial and political crisis.

A $42.7 million bid budget was approved at a board meeting Tuesday.

The bid committee says that ''while aware of the particular moment Italy is going through, the board has confirmed the importance of continuing the Rome 2020 project with determination.''

It says the games would bring economic and development benefits ''for Rome and the entire country.''

Italy's key borrowing rate spiked Wednesday well above the 7 percent level that eventually forced other eurozone countries to seek bailouts, amid uncertainty over who would lead the country when Premier Silvio Berlusconi steps down.