Dubai, Abu Dhabi

Posted 7:41 AM by crkota in Labels:
Fears that Dubai might default on billions of dollars in debt eased Monday when its fellow United Arab Emirate, Abu Dhabi, pledged $10 billion in financing. (Abu Dhabi gives Dubai $10 billion bailout)

The announcement allays concerns raised last month when Dubai sought a six-month delay in debt payments for Dubai World, the government's flagship holding company. Global markets, which fell sharply when the Dubai debt problems were first raised, were mostly higher in Monday trading.



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