November 27, 2009
Posted: 1638 GMT
News that Dubai, the super rich, super ambitious, 24-hour a day bundle of economic energy is now asking its creditors for loan repayment mercy is sending mini shockwaves around the world.
About half of the money Dubai has borrowed to expand at breakneck speed was lent by European and U.S. banks that, just last year, were themselves on the verge of collapse.
If the world needed a wake-up call that the world economy is not out of the woods yet, this would be it.
Stock prices took a big hit yesterday and today, the dollar is up – all signs that investors are concerned with what is happening in the tiny emirate.
Will this force Dubai to rely on its more conservative and financially stable neighbor, Abu Dhabi? How will this impact Dubai as a financial center for the region?
We are covering all angles at the IDesk and don't forget to vote in our poll below.
Also among our lead stories, we will take you to Germany and to Kandahar for more on the continuing fallout from a September airstirke in Afghanistan.
Now a government minister has resigned over allegations that a German commander ordered a hit on fuel tankers, knowing that civilians may have been at risk.
PLus, we have all the latest developing news stories from around the world, as always, including news from the ATP Men's final.
See you at the IDesk!
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