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

international | anti-capitalism | other press Saturday November 28, 2009 14:15 by tomeile

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