MADRID — Madrid organizers unveiled their 2016 Olympic Games bid today, portraying the Spanish capital as a welcoming city most financially secure to host the expensive event.

Madrid is competing against Tokyo, Chicago and Rio de Janeiro. The four cities submitted their bid files to the International Olympic Committee this week before making them public on Friday.

Madrid calls itself the "safest choice" during the financial crisis because it has 77 percent of venues ready or under construction. The proposed budget is just under $5.6 billion, with the Spanish government guarantees to cover any surplus costs. It projects spending $317 million for new venues.

This is Madrid's second consecutive Olympic bid. It finished third in the race for the 2012 Summer Games, which went to London.

"Madrid deserves the Games for three reasons: unanimous support from its citizens, nearly all of the installations are finished and organizational experience," former IOC president Juan Antonio Samaranch said.

A video featured Spain's successful run in sports, with tennis' Rafael Nadal, soccer's Fernando Torres, cycling's Alberto Contador and basketball's Pau Gasol all lending their voices in support.

Madrid reiterated its vision of a green Olympics with a reliable public transport network capable of ferrying spectators between venues near the Olympic village.

The IOC evaluation commission will visit Madrid from May 5-8. The IOC will select the host city on Oct. 2.