2009 a distant memory as Dubai World again in debt talks | The National:
"Anyone involved in the Dubai financial scene at the end of November 2009 can testify to the great drama that unfolded in the emirate and went crashing around the world.
Dubai World, in denial about the extent of its financial problems since the credit crunch and banking crisis that began the previous year, finally accepted the inevitable with an announcement that it was seeking a “standstill” from creditors owed about US$25 billion; as the implications sank in, local and regional markets crashed and global investors panicked, pulling money out of Dubai on fears that apparently sovereign-backed obligations would not be repaid.
It was the depths of the financial crisis for Dubai, and the beginning of the sovereign debt crisis that eventually counted Greece, Portugal, Ireland and Spain as casualties, and which is only just unwinding in Europe."
'via Blog this'
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