Dubai's sovereign wealth fund, Dubai World, has shocked investors with an announcement to delay debt payments until 30th May 2010.
Before the onset of the global economic recession, Dubai accumulated US$80 billion of debt, of which US$59 billion is owed by Dubai World.
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- Dubai World Seeks to Delay Debt Payments as Default Risk Soars (Bloomberg)
- World stocks slump amid Dubai's debt woes (Daily Mail)
- Dubai’s debt default shakes world (Hindustan Times)
- Dubai World debt fears haunt financial markets (The Australian)
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