Dubai defaults - “The announcement was a shock,” said Beat Siegenthaler, chief emerging-market strategist at TD Securiti (economic, money)

[KRAMERCAT]

Nov. 26 (Bloomberg) -- Dubai shook investor confidence across the Persian Gulf after its proposal to delay debt payments risked triggering the biggest sovereign default since Argentina in 2001.

Dubai Debt Delay Rattles Confidence in Gulf Borrowers (Update4) - Bloomberg.com

[01Snake]

Stock markets are going to take a beating.

[mohawkx]

That is a bad sign.

[Randomstudent]

Dubai in deep water as ripples from debt crisis spread - Times Online

Thoughts? Fears?

[Gary Siete]

Hopefully an anti-US government won't become their sugar daddy.

[joejitsu]

Gee, I wonder how this happened? Maybe, because of all the super skyscrapers they didnt need, the underwater hotel, the artificial islands, the mega shopping malls, etc. Dubai was like Disney combined with Vegas on some kind of super steroid. All built on slave labor and shoddy construction. The city was just a mirage, and now the desert will reclaim it.

[domergurl]

drill baby drill ... Cheney's drool cup must be overflowing.

[HappyTexan]

Well Dubai asked for a 6 month hold on paying it's debts. Futures were down last night and market is tanking today.

Many countries have billions invested in Dubai so Dubai going belly up would have an economic effect on many countries including the US.

Would this be our first "global" bailout ? Who does that..the IMF ?

[Gary Siete]

Originally Posted by HappyTexan

Would this be our first "global" bailout ? Who does that..the IMF ?

Iceland was first.
UPDATE 1-IMF to look at Iceland debt in next review | Reuters
Iceland owes the world £116,000 for every man, woman and child on the island | Mail Online

[Traderx]

yawn..

This is 80 billion. Nothing at all. If you didn't buy the open today you missed some of the easiest money there is.