Saturday, November 28, 2009

Dubai Implodes

Dubai World essentially defaulted on its debt.

It is believed that the Dubai government will and is able to back Dubai World. Still, this default is raising concerns about the possibilities for sovereign defaults by emerging nations and the contagion such defaults might pose.

Washington's Blog has a good discussion:
http://georgewashington2.blogspot.com/2009/11/dububble-duburst.html

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