The collapse of a major private equity group and echoes of Dubai World

Revisiting Dubai World
The European Sovereign Debt Crisis didn't really start with Greece. It ended up being most acute in Greece, enveloping a number of other countries too. But it started in Dubai with the collapse of Dubai World almost nine years ago. Here's what I was saying then. I called it "The bust in Dubai and exogenous shocks":
By now you have heard that Dubai World, the investment company, has asked its creditors for a six-month delay in repaying its debt (see articles in links).  This is what is commonly referred to as default. Now many are wondering if Dubai the country is on the verge of default and asking who is most exposed...

I think of the events in Dubai as having a bit of the butterfly effect to it – with everything selling off because of this one isolated incident... ...


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