U.S. Markets closed

IOC: 2020 Madrid Olympic bid costs 'attainable'

Harold Heckle, Associated Press

Workers carry a banner reading "A quality and safe Metro for the Olympics games of 2020" as they strike during the third day of an International Olympic Committee inspection tour for the candidate city of the 2020 Olympic Games near the Olympic stadium in Madrid, Spain, Wednesday, March 20, 2013. (AP Photo/Andres Kudacki).

MADRID (AP) -- The International Olympic Committee says it is "greatly impressed" with Madrid's bid for the 2020 Olympics and considers the $1.9 billion construction price tag reasonable for the recession-hit country.

IOC vice president Craig Reedie says his evaluation commission looked closely at the capital costs and considers them "to be attainable."

With Spain sinking into a second recession in three years, the budget is a key factor. Reedie spoke as the IOC panel wound up its four-day tour Thursday.

Reedie says the panel was "greatly impressed by what we have seen here."

Madrid is competing against Tokyo and Istanbul. The panel has already visited Tokyo and will be in Istanbul next week.