DUBAI, United Arab Emirates - The Dubai government disclaimed responsibility for the debts of Dubai World on Monday, dealing a blow to creditors' assumptions that the Arab emirate would guarantee the conglomerate's liabilities.
"Creditors need to take part of the responsibility for their decision to lend to the companies," said Abdulrahman al-Saleh, director general of Dubai's department of finance. "They think Dubai World is part of the government, which is not correct."
United Arab Emirates stocks plunged on Monday as investors waited for clarity on Dubai's request for a delay until May 2010 on repaying billions of dollars in debt issued by Dubai World and its Nakheel unit, developer of three distinctive palm-shaped islands in the emirate.
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Obama,Bernanke,Geithner are you LISTENING!!!!
ReplyDeleteDubia is defaulting.
ReplyDeleteThis is the beginning of a cascade of defaults leading ultimately to United States Default.
That's how this is going to play out.
All the mainstream media hype about the economy recovering is a cover-up which we know from the onset.
ReplyDeleteSay bye bye to Dubai!
A large chunk of our ports and national parks will already be owned by the Chinese anyway. They were used as collateral on our debt. Many national parks have plaques at the entry that says there is a lien in force to "ABC" or whatever company - they don't just come out and say it of course. But it is the Chinese.
ReplyDeleteAt least when we shaft them on our debt they can built some very nice factories right in Yosemite, or condos, or whatever they like. It will be their land and assets.
Can we get some pictures of these lein plaques, 11:07pm?
ReplyDelete