Dream city (A lot of hype and, fantasy, tall buildings and fantasy islands) causing my dreams to crash. My portfolio is down by 10-15% and still bottom seems a little bit away, Global market taking clues from Dubai episode and there is blood bath on the bourses. An Indian index has bottomed out by 3% yesterday and 4-5% today making it to 10% approximate fall from Wednesday’s level.
An old adage still hold true Spend less than you earn, and you will be always happy.
Dubai’s having heavy debts, amounting to about $80 billion including the government and the conglomerates it controls. Investors in Dubai were given an early chance to get into the spirit of things. The emirate’s government asked creditors of Dubai World, one of three big government-backed conglomerates, to agree to a standstill on repayments until May 30th 2010 at the earliest
Credit-rating have downgraded all government-related debt. Whether the standstill counts as a default depends on whether Dubai is asking investors to defer their claims or telling them to.
But i'm very optimistic about Dubai that it will come out of the situation and will not disappoint my portfolio
Image source: iacsit.org
Really a good article...but I believe again I am emphasising on it is 'my believe' that it would not be easy for Dubai to come out of this crisis.
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