The financial world has been shocked by Thursday's announcement by the Arab emirate of Dubai that the main investment vehicle of the government, Dubai World, temporarily waive the repayment of its debts. In Asia and Europe equity and bond prices down. Some rating agencies have published critical reports on state-owned Dubai World
Dubai after his creditors asked at least half years to renounce their claim of loans.
This so-called debt moratorium should apply until May 30 next year. With the building boom in recent years, Dubai's debts increased to around 80 billion U.S. dollars (53 billion euros). The stock markets in Europe lost considerable ground. In particular, banks were smashed because investors fear that they have money invested in projects in Dubai. The AEX in Amsterdam scored 2.3 percent lower at 310.86 points.
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