Dubai World – Now Broke
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
More on this topic
(What's this?)
So Why Did Abu Dhabi Run to the Rescue of Dubai?
(naked capitalism, 12/14/09)
Dubai Will Not Guarantee Debts of Dubai World
(naked capitalism, 11/30/09)
Dubai’s Debt Crisis Primes the Panic Pump
(Investment U, 11/30/09)
Devaluation in Vietnam, Fitch credit downgrade of Mexico and Greece’s bond spreads – default risks have surged.