Amid economic crisis, Venezuela is spending $10 million on baseball
$10 million
Venezuela’s government is spending $10 million on baseball, subsidizing the import of players and the purchase of equipment, ahead of the start of the national league in October.
Published | Photo by AP Photo/Luis Gutierrez
Venezuela has been going through an economic crisis for the past four years. There are food, medicine, and fuel shortages. And 82% of families live in poverty, from 48% in 1998.
Venezuelan president Nicolas Maduro ordered that the same amount of money that was spent last year with the league was invested this year, even though the economy has deteriorated.
Maduro also gave baseball clubs a preferential exchange rate.
While some companies in Venezuela are paying up to 15,000 bolivars per dollar to import food, the clubs will be allowed to spend 10 bolivars per dollar to pay players.
