The committee said the local governments met but could not come to terms on a bid to host the Games near Barcelona.
The Aragón government had been complaining recently that the bid was not well balanced and Catalonia would be getting most of the events in its region.
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The Olympic committee said it would continue to work along with the Spanish government on alternatives to try to present a bid for the International Olympic Committee.
Spain hosted the 1992 Summer Games in Barcelona, but fell short in several other bids for the Games after that.