No one saw this coming ...From Bloomberg: Dubai Debt Delay Rattles Confidence in Gulf Borrowers
Dubai is shaking investor confidence across the Persian Gulf after its proposal to delay debt payments risked triggering the biggest sovereign default since Argentina in 2001.
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Moody’s Investors Service and Standard & Poor’s cut the ratings on state companies yesterday, saying they may consider state-controlled Dubai World’s plan to delay debt payments a default. The sheikhdom, ruled by Sheikh Mohammed Bin Rashid Al Maktoum, borrowed $80 billion in a four-year construction boom ...
And a few articles from the WSJ: Dubai Starts to Untangle Dubai World Fallout
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