PrinceHarry
Member
Someone prematurely claimed the superiority of Islamic finance over western capitalism and how they performed exceptionally well while the western banks crumble in a thread like this
Surprise Surprise Dubai is on the verge of Bankruptcy, the 2nd Sovereign Default after Iceland in this recession, and the largest svoereign bankrupcy since Argentina defaulted its loans in 2001. Dubai World who arrogantly tried to buy American ports in the eastern seaboard not so long ago, cried and begged for mercy to creditors to give the Dubai Go'vt owned company more time to pay back its debts.
Surprise Surprise Dubai is on the verge of Bankruptcy, the 2nd Sovereign Default after Iceland in this recession, and the largest svoereign bankrupcy since Argentina defaulted its loans in 2001. Dubai World who arrogantly tried to buy American ports in the eastern seaboard not so long ago, cried and begged for mercy to creditors to give the Dubai Go'vt owned company more time to pay back its debts.
Dubai Debt Delay Rattles Confidence in Gulf Borrowers (Update4) - Bloomberg.comNov. 26 (Bloomberg) -- Dubai shook investor confidence across the Persian Gulf after its proposal to delay debt payments risked triggering the biggest sovereign default since Argentina in 2001.
The cost of protecting government notes from Abu Dhabi to Bahrain rose, extending the steepest increase since February as Dubai World, with $59 billion of liabilities, sought a “standstill” agreement from creditors. Its debt includes $3.52 billion of bonds due Dec. 14 from property unit Nakheel PJSC. Dubai credit-default swaps climbed 90 basis points to 530 after yesterday increasing the most since they began trading in January, CMA Datavision prices showed