Oil crisis takes shine off Azerbaijan's lavish sports events

When oil exporter Azerbaijan signed up to host its first ever Formula One Grand Prix this year along an esplanade in its capital, the government promoted it as an opportunity to showcase the country's new confidence. "It would be better if the government used this money on local businesses. Azerbaijan's penchant for lavishly hosting high-profile events - previous examples were the Eurovision Song Contest in 2011 and the inaugural European Games last year - has prompted questions about whether the government is mismanaging the economy.
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