Thursday, November 26, 2009

Dubai Debt Problems Could Rattle Market Friday

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.
Posted by The Honest Trader at 9:03 AM

2 comments:

  1. The Honest TraderNovember 26, 2009 at 9:13 AM

    it will be interesting to see what happens as the market is only open until 1pm on Friday

    I could see a gap down of over 1%

    ReplyDelete
  2. The Honest TraderNovember 26, 2009 at 10:06 AM

    now you see why the financials have been weak lately

    per usual, someone knew something

    ReplyDelete

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