Xar,
agree that this Dubai news is not that big or serious. the stock markets in Dubai and Abu Dhabi fell only about 8% or so. i use the word only because if this news was so serious i would have expected double digit falls.
ofcourse if you read the economic publications, they are reporting this Dubai news and the stock market fall as if it was the end of the world.
last point - every man and his dog knew that Dubai was and is credit burdened. surely the lenders to Dubai were expecting some sort of request to restructure debt or delay payment plan? isnt that how the real world works?
agree that this Dubai news is not that big or serious. the stock markets in Dubai and Abu Dhabi fell only about 8% or so. i use the word only because if this news was so serious i would have expected double digit falls.
ofcourse if you read the economic publications, they are reporting this Dubai news and the stock market fall as if it was the end of the world.
last point - every man and his dog knew that Dubai was and is credit burdened. surely the lenders to Dubai were expecting some sort of request to restructure debt or delay payment plan? isnt that how the real world works?
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Wohoo! Now that was a rollercoaster last week. The US had their long thanksgiving weekend and there was an islamic holiday as well so we had very thin market conditions. And guess what? Dubai just announced they want a loan to set on hold. Now that was a bomb right into low liquidity markets. Honi soit qui mal y pense.
Right. So everyone and his grandma at the desks got in panic and as there were some holidays the juniors might have pulled the plug and pushed the Dollar up like there is no tomorrow. As I saw this...Ignored