Dubai In Danger? (12/14: $10B from Abu Dhabi)

[2Hot4TV]

Originally Posted by GenuineRisk

California's problems date back much farther than Ah-nuld- all the way to 1978 and Prop 13, which allows progress to be held up by a minority of representatives.

California's problem is the same as the United States of America. We just cant stop spending. It has nothing to do with prop 13 at all.

[Kasept]

Dubai gets $10B from Abu Dhabi to cover debt
Dubai's government says it gets $10 billion from Abu Dhabi to cover debt as deadline arrives

By Adam Schreck, AP Business Writer
On 8:49 am EST, Monday December 14, 2009

http://finance.yahoo.com/news/Dubai-...67649.html?x=0

DUBAI, United Arab Emirates (AP) -- Dubai got a $10 billion lifeline from oil-rich Abu Dhabi to save one of its prized companies from imminent default Monday, calming fears for now about the city-state's shaky finances. Dubai's main stock market spiked more than 10 percent on the news.

Dubai World -- a sprawling conglomerate with assets ranging from the oceanliner Queen Elizabeth 2 to luxury retailer Barney's New York -- had been up against a Monday deadline to repay a pile of loans from its Nakheel property division. Some $4.1 billion of the emergency funds will be used to pay off those bills. The rest will go to shore up Dubai World itself.

Dubai officials' reluctance to fully stand behind Dubai World's $60 billion in debts had raised serious concerns about the emirate's creditworthiness, and the move by Abu Dhabi appeared aimed at quashing those worries before they undercut confidence in the United Arab Emirates as a whole. The two emirates share control of the UAE, a federation of seven semiautonomous city-states.

[miraja2]

That would be truly wonderful if the DWC went away forever.
If we could then just get the even more stupid Breeders' Cup to go away with it, we would have taken two important steps toward making horse racing a much better sport.

[eajinabi]

Originally Posted by miraja2

That would be truly wonderful if the DWC went away forever.
If we could then just get the even more stupid Breeders' Cup to go away with it, we would have taken two important steps toward making horse racing a much better sport.

Agreed!