Spanish authorities have indefinitely postponed plans to introduce a cycle hire scheme in Madrid, according to Bike Europe.
Tough times in the international markets have led to cutbacks across the world, with the leaders of the G20 yesterday agreeing to cut national budget deficits by half over the next three years.
The Spanish capital had been set to see the public hire scheme introduced by March 2011, with 1,500 rental bikes available through stations in Madrid.
Despite only being announced in 2009, the cycle hire scheme had already been delayed once, but has now been indefinitely postponed alongside plans to increase the number of bike lanes in the city.
London's Cycle Hire Scheme, sponsored by Barclays, is due to roll out at the end of July.