Dubai’s default should come as no surprise
Sunday, November 29th, 2009November 29th, 2009
Why is everyone so shocked that Dubai is likely to default on some or all of its $80bn to $280bn mountain of debt? Markets are apparently “spooked” but given the U.A.E. emirate’s behaviour in recent years, surely a default either by the country itself or by one of its state-owned enterprieses has long [...]