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Budapest withdraws bid to host 2024 Olympics

Budapest pulled out of the bidding for the 2024 Summer Olympics, leaving only two candidates for the Games: Paris and Los Angeles. Two other formal bidders had dropped out earlier, Hamburg in 2015 and Rome in September. More than 250,000 people had signed a petition demanding that Budapest drop its bid. The desire to host the Games has faded in recent years as more and more cities have concluded that the Games are a potential financial disaster. Host cities have been left with white elephant stadiums, billions in bills and fewer economic benefits than they expected.

In response, the International Olympic Committee began an initiative called Agenda 2020 to make the Games less expensive to host, perhaps by holding some events in other countries. The IOC is scheduled to choose the host city for 2024 in September.

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