As mentioned in the special market update video Dubai World is unable to make debt payments. They have asked creditors for an extension to May of 2010. But some creditors are viewing the events as a default by Dubai World. Additionally, the risks to Dubai the nation going into default have risen dramatically in the past day.
So what is Dubai World?
Obviously this video needs to be updated to now say at the ending :
Like nothing else, found nowhere else, the world… epic! And Broke
Recent Posts:
- Taxpayers to the Rescue of Afghanistan Banking Crisis?
- Economic Data and Earnings Schedule for September 2 2010
- Christina Romer Makes a Final Recommendation Before Leaving To Teach Keynesian Economics
- Homebuilder Hovnanian (HOV) Reports Dismal Quarter
- Auto Sales Data for August 2010
- Stock Market Rewind – September 1, 2010
More on this topic
(What's this?)
Dubai Will Not Guarantee Debts of Dubai World
(naked capitalism, 11/30/09)
Dubai World Restructuring: Sovereign Risk Shock or No Big Deal?
(naked capitalism, 11/26/09)
Which Foreign Banks Have Large Exposures to Dubai World?
(Top Foreign Stocks, 11/27/09)
Devaluation in Vietnam, Fitch credit downgrade of Mexico and Greece’s bond spreads – default risks have surged.