Nov 27, 2009

Dubai: a climate of fear for those with debts

While Americans ate their Thanksgiving turkey, financial markets were being stuffed by the Dubai goose, with Sheikh Mohammed Bin Rashid Al Maktoum and his family shocking global markets by saying he wants a six-month standstill on some of the debt issued by Dubai World.

Glenn Dyer — <em>Crikey</em> business and media commentator

Glenn Dyer

Crikey business and media commentator

So will the rulers of Dubai be imprisoning themselves, lopping off an arm, or confining the family to the emirate, as they have done to countless lesser mortals who default on their debts, or can’t repay them after being sacked?

Indebtedness in the Middle East can bring terrible pain for some people: physical disfigurement has been reported with people having a hand chopped off, homes have been seized, people put in prison for months without a trial, many of them foreigners who have been sacked by local companies battling the downturn.

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