Dubai fails to stem market drop on debt fears

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Dubai's debt problems shook European banking shares on Thursday despite the emirate's efforts to minimise the impact of a debt restructuring plan at two of its biggest companies that raised fears of default. Wednesday's announcement sent the cost of insuring Dubai's debt against default soaring and bond prices tumbling.

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Sheila Samples is an Oklahoma writer and a former civilian US Army Public Information Officer. She is a Managing Editor for OpEd News, and a regular contributor for a variety of Internet sites.

Related Topic(s): Banking; Debt Consumer; Debt Monetary System; Dubai, Add Tags

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