ROME (AP) -- Rome is now eyeing the 2024 Summer Olympics after dropping its bid for the 2020 Games because of economic reasons.

On Sunday, Rome Mayor Gianni Alemanno said "we have to be ready in 2017 to again present a bid for the Olympics."

Rome was forced to scrap its 2020 bid in February, a day before the deadline to submit paperwork to the International Olympic Committee

Premier Mario Monti said the Italian government would not provide financial backing for an estimated $12.5 billion project at a time of economic crisis. The IOC requires government financial guarantees from bid cities.

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