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Olympics 2020: Madrid officials say financial crisis won't affect bid

MADRID (AP) -- Leaders of Madrid's 2020 Olympic candidacy say Spain's financial crisis will not affect the city's third consecutive bid and believe hosting the games could help the country recover from the recession.

Madrid unveiled a colorful bid logo today, stepping up its latest bid after failed attempts for the 2012 and 2016 Olympics.

Spain's economic downturn has left nearly one in four Spaniards unemployed and a youth jobless rate of 45 percent.

Organizers believe the Olympics could help Spain emerge from its prolonged recession.

Mayor Ana Botella offered complete support, saying Madrid is capable of organizing "the greatest games in history."

Madrid is competing against Rome, Tokyo, Istanbul, Doha in Qatar and Baku, Uzbekistan.