Sat 5 Dec 2009
Dubai in denial
Posted by Dill under economy
No Comments
Some brief but astute comments from a blogger at the New Yorker:
Last Wednesday, Dubai asked to be excused six months of payments on a debt of fifty-nine billion dollars owned by Dubai World, the state-backed conglomerate. Yesterday, Dubai’s stocks fell 7.3 per cent; today they fell another 5.6 per cent. And the Gulf News, an English-language Dubai newspaper, has reported this online with the headline: “UAE markets bounce back at the end of trading sessions.”
http://www.newyorker.com/online/blogs/newsdesk/2009/12/dubai-in-debt.html






