ROME’s bid to host the 2020 Olympics has been scrapped after the prime minister said it would be "irresponsible” given the country’s economic plight.Mario Monti said the government could not guarantee to finance the cost of the staging the event, estimated at $12.5bn (£8bn; 9.5bn euros).The decision comes a day before the deadline for cities to submit bids.Doha, Istanbul, Tokyo, Madrid and Baku are bidding for the event.Monti made the announcement at a news conference following a cabinet meeting on Tuesday."As you can imagine the government has spent much time reflecting upon this decision,” he said. "And we have reached the unanimous decision that the government... doesn’t feel that it would be a responsible gesture, taking into consideration Italy’s current financial state. "In essence, if we find ourselves today in such a difficult financial position it is because similar decisions were made by previous governments without having considered the resulting impact in the following years.”Professor Monti is an economist who was appointed to head Italy’s government of technocrats amid financial turmoil last November. A major effort to restructure the economy is under way, correspondents say, though ratings agency Moody’s still cut Italy’s credit rating by one notch to A3 on Tuesday.