Middle East Focus: Persian Gulf Bailout: No Congress, No Tea Baggers, No Headache………….

Arabia Deserta

Persian Gulf Bailout: No Congress, No Tea Baggers, No Headache………….

“The Dubai government has announced it will provide $9.5bn (£6.4bn) in funding to help its Dubai World investment vehicle to restructure its debt. The troubled company has presented a plan to restructure $23.5bn of debt to its creditors, including converting $8.9bn of government debt into equity. Creditors will now decide on whether to accept the plan. Dubai World stunned global markets in November last year when it asked for a six-month delay on debt repayments. The restructuring plan also involves a cash injection of $1.5bn from the Dubai Financial Support Fund (DFSF), as well as issuing two tranches of new debt to be repaid over five- and eight-year periods……….”

No Congress, no horse-trading, no tea baggers, no headache…………
Cheers
mhg

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