Italian prime minister Mario Monti announced that the country cannot support Rome's bid to host the 2020 Olympic Games.
The Italian government has expressed concerns that the costs of staging the Olympics would overwhelm Italy's efforts to overcome the financial crisis.
The Italian government denied its support to Rome's bid for the 2020 Olympics on Tuesday afternoon, as according to prime minister, Mario Monti, it would not be responsible in the current financial situation.
Premier Mario Monti has been under mounting pressure from Rome's mayor and some Olympic athletes to pursue a bid.
But the government has expressed concerns that the costs of staging the Olympics would overwhelm Italy's efforts to overcome the financial crisis.
Costs for hosting the Olympics in Rome are estimated at $12.5 billion US dollars.
The International Olympic Committee (IOC) requires bid cities to provide government financial guarantees, and detailed bid plans must be submitted to the IOC.
Rome was the first of six cities to submit a bid for the 2020 Games.
The others are Baku, Azerbaijan; Doha, Qatar; Istanbul, Turkey; Madrid, Spain and Tokyo, Japan.
The IOC will select the host city in Buenos Aires, Argentina in September 2013.
SNTV