Friday, November 27, 2009

Dubai debt move 'carefully planned': top official

Was: Iconic building
Now Is: Moronic building

Don't worry, the financial engineers (the guys who caused the financial crisis) know what they are doing and are in charge of everything.

Please go back to bed and have trust in the Wall Street, cheap credit and our financial leaders. They will do EVERYTHING possible to get us back to the malls.
Got Gold?

Dubai debt move 'carefully planned': top official


Dubai's move to suspend payments on its Dubai World conglomerate's debt was "carefully planned" and done in full knowledge of how the markets would react, the chairman of the Supreme Fiscal Committee said on Thursday.

"Our intervention in Dubai World was carefully planned and reflects its specific financial position," Sheikh Ahmed bin Saeed al-Maktoum said in a statement.

"The government is spearheading the restructuring of this commercial operation in the full knowledge of how the markets would react. We understand the concerns of the market and the creditors in particular.

"However we have had to intervene because of the need to take decisive action to address its particular debt burden."

However, Sheikh Ahmed insisted that "unprecedented growth, in Dubai and across the (United Arab Emirates), over the past decade has helped lay the foundation for what is now a broad-based sustainable economy beyond just natural resources."

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