Monday, 15 February 2010
Mandelson urges swift action on Dubai debt restructuring
Time is running out for Dubai as it seeks to negotiate a standstill deal with bank creditors over multibillion-dollar debts at the Dubai World group, the UK business secretary has said.
The lack of agreement between Dubai World and banks over $22bn (£14bn, €16bn) in debts could not go on indefinitely, said Lord Mandelson.
He implored the Dubai government to be as open as possible in engaging with its creditors.
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