Spain on Tuesday defended a 1.7 billion euro ($2.2 billion) bid to host the Olympics in Madrid in 2020, even as the country battles a recession and high unemployment while slashing spending.

Spain's delegation submitted its 360-page bid document to the International Olympic Committee headquarters in Lausanne, Switzerland, on Monday.

If Madrid beats favorite Tokyo and rival Istanbul, it estimates it would have to invest another 1.7 billion euros to complete the infrastructure for the Games.