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      11-26-2009, 12:05 PM   #1
lib
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You may be seeing fewer ridiculous cars from Dubai for a while...

http://www.breitbart.com/article.php...show_article=1
Quote:
Dubai default threat rattles world stocks

Global stock markets tumbled Thursday on mounting anxiety over a debt default request by Dubai and tighter lending conditions in China, analysts said.

[...]

The government of Dubai shocked financial markets on Wednesday when it said it would ask creditors of its Dubai World conglomerate for a debt moratorium of at least six months.

The Dubai government announced that it would revamp the Dubai World group and wanted its lenders to extend its maturing debt until at least May 2010.

[...]

Meanwhile, ratings agency Standard & Poor's said the development could be considered a default and downgraded a raft of Dubai government entities including Dubai World.

"The rating actions are the result of the announcement on November 25 of the restructuring of the debt obligations of Dubai World and its subsidiary, (construction group) Nakheel," S & P said in a statement.

"In our view, such a restructuring may be considered a default under our default criteria, and represents the failure of the Dubai government to provide timely financial support to a core government-related entity."

Barclays Capital analyst Paul Robinson warned that the issue of Dubai could contribute towards a "serious" pullback in global stock markets.

Others warned that it could take more than a decade for investor enthusiasm over Dubai to return, as a result of this week's development.

"Dubai could not undermine either itself, or global perception any further as a place not to do business in at the moment," MF Global analyst Manus Cranny told AFP.

"Quite literally, this geographic region is now looking as a mirage in stability terms."

[...]
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      11-27-2009, 07:47 AM   #2
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Lots more reaction on this today. Global markets are not happy. Could be a bumpy ride.
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      11-27-2009, 11:13 AM   #3
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looks like RBS is gonna get hosed on this one....
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