UAE banks can look forward to no immediate respite | GulfNews.com:
"As is the case with every single credit binge, the UAE’s — between 2010—15 — too resulted in an ensuing bloodbath, which, well, has been bloody.
Credit binges end due to some major shock to economies and always end badly. Ours was the collapse in oil prices that led to a contagion effect on every single economy closely linked with that of the UAE.
The multiplier effect has been vicious and aftershocks continue. Weak oil prices have brought up the fundamental deficiencies of these economies. As these weaknesses pertain to the elemental aspects of each of these countries, finding solutions — and implementing them effectively — will take a long time. Therefore the aftershocks will continue to be felt ... for a while."
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