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.
Thursday, November 26, 2009
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