Brazil Loses Big At World Cup - And Not Just On The Field
Brazil Loses Big At World Cup - And Not Just On The Field
AS/COA’s Christopher Sabatini comments on the economic effects of the mega-event for Brazil.
After the historic and heartbreaking 7-1 loss Germany handed host nation Brazil on Tuesday, the last thing Brazilians probably want to hear about is another big loss.
This one to their pocketbooks.
We know that it won't be a Brazilian hoisting the World Cup trophy in triumph come Sunday, but Brazilian President Dilma Rousseff is dearly hoping that the country can still come out on top financially.
Public spending on stadiums and other Cup-related infrastructure projects - estimated at $11.3 billion - was met with widespread unrest and protests in the 18 months before the start of the Cup....
After the Cup, it will house the division-four soccer team, Nacional Futebol Clube, which draws about 1,500 fans per match. Beyond the cost of construction (and the incurred debt), it’s unclear who might be able to cover the $250,000 monthly maintenance if the government can’t find a corporate buyer for the stadium.
“That is not a driver of economic development, that’s consumption,” Christopher Sabatini, a senior director at the Council of the Americas, told Fox News Latino about the stadiums. “Brazil needs to compete better, and this is not going to do anything for them.”
The money thrown into the event has rankled even some of Brazil’s soccer greats who believe FIFA, not Brazil, will be the clear winner. The world's soccer governing body is set to make some $4 billion in revenue from the 2014 Cup.....
