Anger and denial mark this phase of Dubai’s debt crisis as investors ask how much more is to come
In depth
Issue 867
- 04 Dec 2009
| 9 minute read
Markets quaked following the ‘bombshell news’ that $26bn of Dubai World’s debt had been put on standstill. Dubai, the UAE authorities and some western commentators reverted to their default position, arguing that markets over-reacted and that all was really very well, but the default may have revealed only the tip of an iceberg that hides more over-leveraged government-related entities with poor investment strategies, faulty business models and weak management
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