Dubai stalls debt payments on $10billion

D

Dogfish

http://www.arabianbusiness.com/dubai-group-stalls-interest-on-10bn-debt-sources-428419.html

Dubai Group, part of a conglomerate owned by the emirate's ruler, has not paid interest on $10bn of debts for more than a year, threatening the profits of Middle Eastern banks, sources involved in the company's restructuring say.
When it announced it needed to renegotiate its debts last year, Dubai Group, part of Dubai Holding, the personal investment arm of Sheikh Mohammed bin Rashid Al Maktoum, said it would continue to service them.
But the company has not paid "hundreds of millions of dollars" in interest since August 2010, one of the sources told Reuters today
 
Another example of, "I owe $10K and can't pay, I've got a problem... but if I owe $10 Billion and can't pay, YOU'VE got a problem"..??
 
This guy's got the money.

However, it seems to be the same trend that we saw with the "Consumer".

Basic idea... Fuck it, those other banks (US/EMU) are not paying their interest, they are getting bailed out...why should I pay anything. What can they do to me.

Last place a banking crises should be is where the Black Gold is flowing.
 
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