Debt crisis in Dubai - the party is over

From suppressed news
DUBAI, United Arab Emirates Just a year after the global downturn derailed Dubai's explosive growth, the city is now so swamped in debt that it's asking for a six-month reprieve on paying its bills —causing a drop on world markets Thursday and raising questions about Dubai's reputation as a magnet for international investment.

The fallout came swiftly and was felt globally after Wednesday statement that Dubai's main development engine, Dubai World, would ask creditors for a "standstill" on paying back its $60 billion debt until at least May. The company's real estate arm, Nakheel — whose projects include the palm-shaped island in the Gulf — shoulders the bulk of money due to banks, investment houses and outside development contractors.

In total, the state-backed networks nicknamed Dubai Inc. are $80 billion in the red and the emirate needed a bailout earlier this year from its oil-rich neighbor Abu Dhabi, the capital of the United Arab Emirates.

Category:

News & Politics

Tags:

• Dubai
• debt
• crisis

[aftazita]

party is over,lolz,,,,its just not over in dubai ,,its over everywhere,,world crises especially states lolzzzzzzzzzz...worst crises moved usa 50 years back & will nevr be able to regain its usual form,,,,obama speaks out,,,4got???? but a cooooooooool city like dubai just require a year to cope up,,,,btw its now back at its original form unlike states...lolz...u laugh at dubai,the laugh is on u,,,enjoyyyyyyyyyyyyyyyyyyyyyy­yyyyyyy!

[BranIL28]

Poor Poor Dubai

[Crashmagproductions1]

You can't make a tard look like a gem with just sprinkles

[KingWilliamMB]

i thin dubai will do it soon again...

[stonerj0e]

oil & gold are crashing . lol we bankrupted their ass ! LOL