| Or, what happens when an autocratic put and bad debts collide? In which FT Alphaville wonders if one of 2011?s greatest stunts in defying credit gravity (charts via Exotix)……is on the verge of running into trouble. Dubai – ‘Switzerland of the East’ in these days of Arab instability – abruptly announced its first ever bank failure on Monday.
Dubai Bank PJSC, an Islamic lender owned by Dubai Holding LLC and Emaar Properties PJSC (EMAAR), was rescued by Dubai’s government after loan losses increased..............................................Full Article: Source
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