Last night, Dubai was judged as the 6th riskiest country in the world in terms of credit. In fact, its debt spread has now grown to 420 points, similar to Icelandic levels.
Abu Dhabi is helping, but until when? Dubai is trying to delay its debt repayment, however trust difficulties are arising. Some months ago it would have no problem, but now it's too late.
It could be the next one.
26/11/2009
