Dubai to be looked after by other emirates

[GoFlyKiteNow]

Dubai to be looked after by other emirates

Sunday 29th November, 2009

Local and foreign banks that may face losses if Dubai defaults on billions of dollars in debt are to be protected by the Central Bank of the United Arab Emirates.

Bank officials have said the central institution will offer banks operating in the Emirates access to additional money.

 

[Muthukali]

so no need to worry ya....

 

[zuoom]

another "too big to fail" incident?

 

[longbow]

That was not a doubt. But I suspect that the emir's wings have been clipped as a result of this bailout. The days of grandoise projects without a thought for economic viability is over.

The wanton construction would also be curtailed.

Dubai to be looked after by other emirates

Sunday 29th November, 2009

Local and foreign banks that may face losses if Dubai defaults on billions of dollars in debt are to be protected by the Central Bank of the United Arab Emirates.

Bank officials have said the central institution will offer banks operating in the Emirates access to additional money.

 

[Seee3]

At the macro financial sector, no problem at the moment. But for companies (construction especially) with exposure in Dubai, can start counting the days. No payment, no market but money already sunken there.

 

[kensington]

another "too big to fail" incident?

The family's reputation needs to be safeguarded.

That was not a doubt. But I suspect that the emir's wings have been clipped as a result of this bailout. The days of grandoise projects without a thought for economic viability is over.

The wanton construction would also be curtailed.

The wilder longhaired hippy brother that is Dubai needs a new haircut and be taught some table manners...