Monday, November 30, 2009

CNBC on Dubai World Debt Restructuring

by Calculated Risk on 11/30/2009 03:55:00 PM

From CNBC: Dubai World to Restructure About $26 Billion of Debt

Dubai World said it would try to restructure about $26 billion of debt, far less than the nearly $60 billion in total liabilities that the Dubai government's investment arm had as of August.
"Creditors need to take part of the responsibility for their decision to lend to the companies," said Abdulrahman al-Saleh, director general of Dubai's Department of Finance.
Hmmm ... that statement could apply to mortgage lenders in the U.S. too.