Gulf weathers global financial crisis but oil did not | Arab News:
"Ten years ago this month is taken by most economic commentators as the beginning of the global financial crisis, often labelled these days the “GFC”. When an event has its own acronym, you know it must be significant. After months of worry about falling asset values, tighter credit conditions, and declining equity prices around the world, it was a relatively minor event at a French bank, BNP Paribas, that blew the whistle on global financial markets. The bank froze some $2.5 billion of assets, citing “evaporation of liquidity”, and that was that."
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