Bidding alongside powerhouses Los Angeles and Paris, Budapest had been considered a long-shot candidate, pinning its hopes on the International Olympic Committee's Agenda 2020 initiative.
After local opponents of the candidacy last week submitted a quarter of a million signatures on a petition for a referendum on the bid, Tarlos had suggested the city might quit the race.
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(Reporting by Krisztina Than; Editing by Hugh Lawson)
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