Thursday, November 26, 2009

Dubai defaults on its debt

Dubai, once the poster child of excess in the Middle East, is defaulting on its debt. Equities and bond markets worldwide were rocked on the news. Unfortunately, this won't be an isolated case going forward, as many emerging and developed countries are on the brink (including the US).

http://www.bloomberg.com/apps/news?pid=20601087&sid=aRsjlClzl500

Happy Thanksgiving.

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