Oslo Says No Thanks to 2022 Winter Olympic Games

The European Central Bank, led by President Mario Draghi, plans to purchase covered bonds and asset-backed securities over the next two years, having already reduced interest rates to historic lows. Meanwhile, Rovio Entertainment, the creator of Angry Birds, is struggling to replicate its past success and plans to cut 130 jobs due to slower growth and increased competition from games like Candy Crush and Clash of Clans. Additionally, Oslo has decided to withdraw its bid for the 2022 Winter Olympics, citing insufficient public support for the $5 billion expenditure, which the International Olympics Committee views as a missed opportunity.

What is the financial implication mentioned regarding the staging of the Olympics?

How does the International Olympics Committee view Oslo's decision to withdraw?