Dubai—home to the future world's tallest building, artificial islands shaped like a palm tree, and a misplaced faith in the power of wealth—is broke. The government has asked its many creditors for a six-month reprieve from debt payments. Stocks slump as news of
Dubai debt crisis sinks in
The Dow Jones industrial average closes down 154 points, a slight recovery from earlier losses. World markets react strongly to Dubai's announcement that it would freeze its debt repayments.
damn. between this and the silverdome selling for 500k, i'm bout ready to set up a my own damn commune in canada, a la Parable of The Sower. peace.
ReplyDeleteDubai is only as broke as was Michael Jackson before his death.
ReplyDeleteThey have assets - just no liquidity