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Four cities vying to host the 2016 summer Olympics throw themselves into a final year of hectic campaigning on Thursday to convince the IOC their bid has what it takes to deliver a successful Games.

The bid cities; Rio de Janeiro, Madrid, Chicago and Tokyo should not be affected by the current financial crisis after securing funding.

The International Olympic Committee will elect the winning bid at its session on October 2 next year in Copenhagen, Denmark. London will stage the 2012 Games.

Each city must submit a candidature file, a detailed description of its project by February 2009 and then host a evaluation commission visit in the spring.

The commission reports to the IOC a month before the vote.

"There is a long road ahead and we will be using every hour of every day between now and Copenhagen to achieve our ultimate objective," Tokyo bid leader Ichiro Kono told Reuters.

"We have the concept, team and resources to succeed."

FINANCIAL CRISIS

All bid leaders have been closely watching the global financial turmoil wondering how it will affect a multi-billion Games budget should their city win. Beijing poured in more than $40 billion to host the Olympics in August.

"While Tokyo 2016...are concerned by the world wide issue of the banking and credit crisis, the finances for our bid are all in place so there is no negative impact on the Tokyo 2016 project," he said.

IOC President Jacques Rogge said this week the crisis would not affect the London Olympics or the 2010 Vancouver Winter Games.

All four cities are locked in a tight race with very little separating them.

Chicago is hoping a new U.S. president, to be elected in November, will boost the city's chances by attending the IOC session for the first time. Democratic candidate Barack Obama has spent much of his political life in Chicago.

The city, though, still needs to iron out details for its Olympic village.

Madrid has been working to make its bid more compact.

"The infrastructure is ready and 70 percent of the other work required is in place," bid leader Mercedes Coghen said on Thursday.

Rio, after hosting successful Pan-American Games last year, wants to become the first South American city to host the Olympics, a sentimental point that has some resonance within the IOC.

Bid leader Carlos Nuzman's own IOC membership is a plus as is Brazilian President Luiz Inacio Lula da Silva's vocal support.

(Source: Reuters)