fastFT: Market-moving news and views, 24 hours a day - FT.com:
"Dubai's reworked $20bn bailout deal with big brother emirate Abu Dhabi has rekindled its stock market rally, as the benchmark index heads close to the six-year high it touched last month.
The Arab world's leading commercial entrepôt over the weekend reached an agreement with the central bank of the United Arab Emirates and its capital Abu Dhabi to refinance at preferential rates a $20bn bailout it received after its property market imploded in 2009.
The bond maturities were extended by five years at an interest rate of just 1 per cent, below the 4 per cent agreed in 2009 when Abu Dhabi rode to its neighbouring emirate's rescue. The deal removes about a quarter of the $80bn of debt coming due by 2017, according to IMF estimates."
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