Dubai will have to learn to live with its debts

As the saying goes: “In the midst of life, we are in debt”, and never was this more true than now.

The state of having a financial obligation to somebody else is so commonplace these days that the old fiscal rectitudes have gone for good, replaced by a willingness to pile on the debt in all aspects of life.

We drive from our mortgaged houses in hire-purchase cars fuelled by credit-card petrol on bond-issue roads and never give it a second thought.