Prague drops plans for 2020 Olympic bid amid economic crisis

Prague drops plans for 2020 Olympic bid amid economic crisis Prague - Prague gave up plans to bid for the 2020 Summer Olympic Games as the global economic crisis is expected to hit the city coffers, officials said Tuesday.

The Czech capital unsuccessfully bid for the 2016 Olympics with hopes that the candidacy would help to win the 2020 or 2024 games.

However, the plan to bring the Olympics to Prague has been criticized as an expensive excess.

"The city council officially froze the candidacy due the impact of the financial crisis on the budget," city councilor Marketa Reedova, an opponent of the bid, told the German Press Agency dpa. "But the financial backing had been poor and the public divided."

Prague's Olympic candidacy has so far cost under 100 million koruny (5.2 million dollars), Reedova said. (dpa)