Dubai shock after debt standstill call

ES closed approx. 1085 today on GLOBEX, down 2.2%. Europe down 3.5%.

Martin Luther King day 2008 (Jerome Kerviel Day) I believe we got a Fed rate cut right into the open after the holiday, just in time to save the day. I presume this won't happen this time around :cool:
 
Quote from Martinghoul:

Dubai doesn't have those things. Abu Dhabi does and they might lend money to Dubai, for the right price.

It's all about face. Dubai cousins losing face is OK, but the whole region - no way. So, as Nakheel goes down, Abu Dhabi will make sure Dubai is properly humiliated before bailing them out. That's my expectation...
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He, he. I don´t expect the region to gow down. But sovereign CDS traders had their fun in the last couple of days. Any chance for Barclays et al to refinance / restructure some of this "toxic" bond stuff ?
 
Quote from Alexandre:

Dubai has no oil, just sand, scorching temperatures half of the year.

Just another bailout then, it looks like geithner and all are out there to bail not only dubai world but the whole world.

Eventually debt will need to be repaid and the collapse will come.

The Fed is no atlas, it will be crushed by the global debt it is taking on. Band of fools.
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This is how the fed will take over the world as long as dollar is reserve currency and you go bankrupt or debt fed will give you cash as long as you do what they want. This is basically turning into an electronic system of controls.
 
I get the impression that the buyers of European equities lately have been from US. With US markets closed and likely some black boxes/HFT algos shut off, European stocks take a dive on this 'news' which was already known yesterday.
 
Quote from kaciara:

ya. they'd better sell sand than luxury sand castles in fake island in the middle of nothing. the question is: why banks lend $$ to these stupid projects?
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Same reason they lend money to people with little income to buy expensive homes...
 
wait until those <b>fuckers</b> in the UK, specifically, RBS, BARC, HSBC along with the german <b>arschlochs</b> DB and the french <b>connards</b> SG and BNP start announcing they have dubai trash in their books and need a fucking bailout from the respective governments.

TOO FUCKING MORONIC TO FAIL
 
Quote from ralph00:

This just in ...

In what they call a "necessary move" the US Treasury and Federal Reserve have announced a special credit line of $30 billion to Dubai World. Dubai World will be allowed to draw on this credit line as necessary in order to make its debt payments in a timely fashion.

In a prepared statement, Tim Geithner and Ben Bernanke suggested that several US banks could sustain "billions of dollars of losses" on Dubai World debt that they own. These banks include Goldman Sachs, Morgan Stanley, Bank of America, and Citigroup. The statement also stated that the Federal Reserve will accept as collateral, any bonds issued by Dubai World.

Wall Street banking analyst Dick Bove praised the move ...
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This is BS right? Where did you get this from?
 
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