Full story here. Never a dull moment on Planet Finance. Seems Joe Schmoe-behind-on-his-payments is in good company with Dubai.
“Just a year after the global downturn derailed’s explosive growth, the city is now so swamped in debt that it’s asking for a six-month reprieve on paying its bills — causing a drop on world markets Thursday and raising questions about Dubai’s reputation as a magnet for international investment.
The fallout came swiftly and was felt globally after Wednesday statement that Dubai’s main development engine, (more…), would ask creditors for a “standstill” on paying back its $60 billion debt until at least May. The company’s real estate arm, Nakheel — whose projects include the palm-shaped island in the Gulf — shoulders the bulk of money due to banks, investment houses and outside development contractors.