X
X

Debt-Troubled Azerbaijan Spending Big on Islamic Games, Formula 1 and Mariah Carey

Just as its largest, government-owned bank defaults on its liabilities, Azerbaijan is shelling out on grand, lavishly mounted sports events and international celebrities, with no end in sight.

The Islamic Solidarity Games, a ten-day, multi-sport competition fashioned as the Olympics of the Muslim world, kicked off in Baku on May 12. It was a glamorous opening, complete with singing, dancing, fireworks, horses, camels and donkeys. A day earlier, it transpired that the International Bank of Azerbaijan (IBA), kept on life support by the Azerbaijani government, could not meet payments on dollar-denominated debt.

The IBA, the nation’s largest lender, asked foreign creditors to accept its plan to restructure  $3.3-billion in debt, and sought US court protection from creditors while it tries to work its way out of debt.

To read the full story

Debt-Troubled Azerbaijan Spending Big on Islamic Games, Formula 1 and Mariah Carey

1 / 1
X
> <