Fall out from Dubai's debt crisis rippled across the globe Friday, as concerns of another wave of finacinal turmoil shows how vulnerable the world recovery remains.
A year after the global slump derailed Dubai's growth the city-stae main investment arm, Dubai World was asking for at least a 6 month delay on paying back it's 60 billion debt. Major credit agencies slashed the debt ratings on Dubais' state companies, fearing a possible default
London lenders HSBC holding snd Standard Charted could have losses of $611 million and $177 Million respectively according to early estimates. The US stack market reacted quickly Friday , as the Dow dropped over 200 points and close down 154 points.
Keep an eye on this, it could be another round of a conituning global crisis. Check your portfolio and follow the money.
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