An Olympic torch has been lit in Azerbaijan; an Olympic stadium has been opened in Baku. All seems ready for the June 12 opening of the inaugural European Games, a mini-Olympics for European states. There is only one big question still hovering over the event: how will Azerbaijan pay for it all? As the South Caucasus’ wealthiest country, energy-rich Azerbaijan did not have to worry much about paying the bills – until recently. The slump in global...

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