Dubai World asks for more time

[PacifikDreemer]

Wasn't it Dubai that was threatening to execute foreigners who wrote bad checks a few years ago?  

Who writes checks?

[ellen45]

Wasn't it Dubai that was threatening to execute foreigners who wrote bad checks a few years ago?  

Who writes checks?

Ok, to refresh my memory I googled it.  They aren't executing people, but seriously a bounced check can land you behind bars for years in Dubai.

http://payday.informe.com/blog/2009/09/12/for-a-bounced-check-in-dubai-the-penalty-can-be-years-behind-bars/

[pamela]

well, maybe the chickens will come home to roost. 

here a few months ago I saw a news video, maybe posted here, that showed the abandoned cars at their airport where foreigners who had gone or were going, broke, had fled the country and just left their cars. They didn't want to be put into debtor's prison.

[vic_d]

Moody’s Investors Service and Standard & Poor’s cut the ratings on Dubai state companies yesterday, saying they may consider Dubai World’s plan to delay debt payments a default.

http://www.bloomberg.com/apps/news?pid=20601087&sid=azd17alFNikQ&pos=2

[picasso moon]

Key word there is MAY. When push comes to shove, i bet they won't.

[TravelsHopefully]

Key word there is MAY. When push comes to shove, i bet they won't.

I bet that there is still hope that Emirate oil money will bail out Dubai

[Involuntary Simplicity]

For example, my ex-husband owes me $48,000. If I were to count that as an asset... I'd be in trouble because he is never going to pay. But it looks good on paper. 

See that's where you are going wrong - you need split up that debt & sell it to different people. Also, you could do a partial swap with someone else whose ex owes them money.
Before you know it, you've got a bubble going, your assets will be inflating......what could possibly go wrong......

  Isn't that what a derivative basically is? Good Call!

[HamsterFist]

I remember reading an article recently (I do not remember it's source) that talked about the countries most likely to default.  Dubai was not mentioned........  Continues to show just how 'awesome' our experts are. 

[HamsterFist]

I forgot to ask......  How long until we see the article on CNBC claiming this is a good thing? 

[Armageddon]

I forgot to ask......  How long until we see the article on CNBC claiming this is a good thing? 

You mean less bad ?

[Annihilatrix]

The numbers these days, $59 billion of liabilities with this one, incomprehensible.

http://www.bloomberg.com/apps/news?pid=20601091&sid=aAXreeDapkgk
>>>The debt owed to Abu Dhabi Commercial adds to problem loans from Saad Group and Ahmad Hamad Algosaibi & Bros Co., the Saudi Arabian family companies that defaulted earlier this year. Abu Dhabi Commercial fell 31 percent from Sept. 17 to Nov. 1 after the bank said it was owed a total $610 million by the two companies. The stock has risen 22 percent this month. It didn’t trade yesterday during the Eid Al-Adha religious holiday.

“Nobody can know how much exposure these banks have got to Dubai unless they choose to tell you themselves,” said Simon Maughan, an analyst at MF Global Securities Ltd. in London. “I don’t think Dubai will default, however. Once there’s been a bit of horse trading over the weekend, Abu Dhabi will step in and bail out Dubai.” <<<

Key word there is MAY. When push comes to shove, i bet they won't.

I bet that there is still hope that Emirate oil money will bail out Dubai

[onemintomidnight]

shortly before the great depression wasn't there a country who could not pay its debts that started the big crash?