Look for the banks to get ripped...
Dubai said on Wednesday that the delayed repayment of debt was a first step toward restructuring Dubai World, the conglomerate that spearheaded the emirate's breakneck growth.
The news has sent the cost of insuring Dubai's debt against default soaring and bond prices tumbling.
State-run Dubai World has $59 billion of liabilities, its subsidiary Nakheel said in August, a large proportion of Dubai's total debt of $80 billion.
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1 hour ago
it will be interesting to see what happens as the market is only open until 1pm on Friday
ReplyDeleteI could see a gap down of over 1%
now you see why the financials have been weak lately
ReplyDeleteper usual, someone knew something