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Dubai’s $59 billion default sends tremor through global financial system

international | anti-capitalism | other press

Saturday November 28, 2009 14:15

by tomeile

Report this post to the editors

Dubai Default
Global markets have plummetted since Wednesday’s announcement by the Dubai government that it would delay the maturity date of $59 billion in bonds issued to its largest state owned company Dubai World.

“Such a default would not only mean an immediate worsening of the already brutal post-crash conditions suffered by millions of workers in defaulting countries, but would usher in a second, and probably worse, phase in the global financial crisis”.

http://www.wsws.org/articles/2009/nov2009/duba-n28.shtml

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