Imagine this, a government rich with cash saying that creditors should be responsible for their actions and don’t depend on the government to bail them out. Maybe the guys in Washington should take note.
As creditors assumed that Dubai, United Arab Emirates, would guarantee the debt of Dubai World, the emirate rejected the idea. "Creditors need to take part of the responsibility for their decision to lend to the companies," said Abdulrahman al-Saleh, director general of the Department of Finance in Dubai. "They think Dubai World is part of the government, which is not correct." Dubai World said it is looking at a $26 billion debt restructuring, which would affect its property firms the most. Reuters (11/30) , The Wall Street Journal (11/30)
