by Bill McBride on 11/28/2009 10:55:00 PM
Saturday, November 28, 2009
From The Times: Abu Dhabi rides in to rescue Dubai from debt crisis
And from the Telegraph: Abu Dhabi will not race to Dubai's rescue
Actually both stories are pretty much the same. From The Times article:
An Abu Dhabi official said yesterday it would “pick and choose” how to assist its neighbour, a hint that the restructuring of Dubai’s debts may not be straightforward. “We will look at Dubai’s commitments and approach them on a case-by-case basis,” the official said. “It does not mean that Abu Dhabi will underwrite all their debts.”Clearly Abu Dhabi will ride, but not race, to the rescue.
Posted by Bill McBride on 11/28/2009 10:55:00 PM