Briefly describe the present financial turmoil in Dubai?
As global stock, commodity and currency markets went into a tailspin, the possible spillover effects from Dubai surfaced from London to South Korea, with banks big and small drawing concern for any losses they could suffer as a result of their exposure to the massively debt-laden emirate.
While it appears Canadian companies seemed to have escaped with little or no impact from debt crisis, the loonie took a beating from a drop in oil prices which analysts suggested could reflect the turmoil in Dubai.
A year after the global slump derailed Dubai's explosive growth, the city-state's main investment arm, Dubai World, revealed this week it was asking for at least a six-month delay on paying back its $60 billion debt. Major credit agencies responded by slashing debt ratings on Dubai ...more