Madrid were one of three cities shortlisted last month by the Intrnational Olympic Committee (IOC) and Blanco, the President of the Spanish Olympic Committee (COE), claimed that the Spanish capital is the strongest of the candidates, ahead of Istanbul and Tokyo. 

But he admitted that the country's worsening economic crisis could sabotage the bid before the final vote at the IOC Session in Buenos Aires on September 7, 2013.

"Madrid could not start better, having received the highest score of the International Olympic Committee but now something that has nothing to do with sports," said Blanco at the Pan-Iberican Association of Olympic Academies meeting held in Tordesillas.

"If this country regains credibility in the economic sphere, we are in the best position to host the Olympic Games.

"However, if we have further problems it will be very complicated, because the Games are awarded seven years in advance and we need that confidence."

Spain's borrowing costs have jumped in recent weeks, largely due to doubts over whether the Government can raise enough funds for the rising bill to strengthen its banks, left with big holes after the 2008 crash of the housing and construction market.

The growing fear is that the country will need a bailout, similar to the one given to Greece, which would put the future of the Euro currency in danger.

But Blanco claimed that if they avoided financial meltdown then Madrid would be successful on what is their fourth bid having previously failed to stage the 1972, 2012 and 2016 Olympics. 

He also claimed that it would help revive the Spanish economy.

"As a sporting, organisational and own candidacy, we are the best," said Blanco.

"It would be the best thing for the country to have the Games because it creates jobs, brings investment and most importantly, revive the collective Spanish spirit, as in Barcelona 92."

Contact the writer of this story at [email protected]


Related stories
May 2012: Cities for 2020 Olympics and Paralympics shortlisted
May 2012: Exclusive: Madrid 2020 bid will be fiscally responsible, promises Blanco
May 2012: Spanish Prime Minister claims Madrid 2020 can revive country's worsening economy
April 2012: Madrid is right to bid for 2020 Olympics despite economic crisis claims Coe
April 2012: Madrid 2020 bid boosted by support of IPC President