This year's Thanksgiving turkey has arrived as a dud. While the U.S. markets were closed over the holiday, Dubai managed to pull the rug from under the global risk trade by announcing a 6 month moratorium on the debt of Dubai World. The state-sponsored Dubai World is an umbrella company that houses a portfolio of businesses, including Nakheel - the famous real estate developer of the Palm Islands.
Friday, November 27, 2009
Dubai Default Examined: Sheikh Gave Fake Pep Talk As Recently As Nov 10
Serious Implications for the Global Risk Trade, Especially in Emerging Markets
Dubai Default Examined
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